Investing.com -- Starbucks (NASDAQ:SBUX) says it will close 400 stores in North American, about half of them in Canada, because of the economic hit from the Covid-19 shutdowns.
The coffee chain giant expects sales to fall by as much as $3.2 billion this quarter. Shares fell 4.5% in midday trading on Wednesday.
The company is planning to speed up plans for more stores to offer pick-up only services and drive-through windows and boost its mobile ordering app. In a press release, CEO Kevin Johnson said, “As we navigate through the COVID-19 crisis, we are accelerating our store transformation plans to address the realities of the current situation, while still providing a safe, familiar and convenient experience for our customers.”