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| User Info | STARBUCKS CLOSING STORES. (EDIT).... in forum [NotSoBreaking] | |||
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Yobbo Posts: 1849 Incept: 2007-08-30 
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STARBUCKS SAYS IT'LL CLOSE ABOUT 600 'UNDERPERFORMING' STORES; SHARES HALTED AFTER HOURS
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2008-07-01 16:39:52 by pb3850
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Anarky321 Posts: 702 Incept: 2008-01-22 USA
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why were the shares halted?
2008-07-01 16:18:11
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Netpounder Posts: 1473 Incept: 2008-02-25
The greatest nation. Donation/USA.
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7/11 should offer free coffee while Starbuck's shares are halted. Kick them in the coffee beans while they are down.
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2008-07-01 16:19:03 by netpounder
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Rebeltraders Posts: 1370 Incept: 2008-02-26
New Jersey
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HALTED; INCREASES NUMBER OF CLOSURES TO 600 OF UNDERPERFORMING STORES (ABOUT 4% OF TOTAL STORES) AS PART OF STRATEGY; SEES AGGREGATE PRE-TAX CHARGES OF $328M-$348M - This decision is a result of a rigorous evaluation of the U.S. company-operated store portfolio and includes the 100 stores targeted for closure in the company's previously announced plans. - Now expects to open fewer than 200 new U.S. company-operated stores in fiscal 2009. - Pre-tax charges related to the store closures include approximately $200M of asset write-offs to be recognized in Q308 - Projects $120 to $140M for lease termination costs and future lease obligations are currently expected, nearly all of which will be recognized in the fourth quarter of fiscal 2008 and the first half of fiscal 2009. - Costs associated with severance are currently estimated to be approximately $8M and the company anticipates these charges to be recorded during the same timeframe as the store closures. - The aggregate pre-tax charges , including costs associated with severance, are estimated to be in the range of $328 to $348M. - Cash charges are expected to result in a net cash outflow of approximately $100M, net of related income tax benefits. ---------- http://blog.rebeltraders.net
2008-07-01 16:18:51
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Yobbo Posts: 1849 Incept: 2007-08-30
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It was a bulletin at marketwatch.com no story yet....
2008-07-01 16:19:17
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Cobra2411 Posts: 6153 Incept: 2007-06-26
Dark Side of the Moon
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Quote:why were the shares halted? Because the stock might go down before people forget what the press release said... ---------- Suppose you were a criminal, and suppose you were a member of Congress; but I repeat myself...
2008-07-01 16:19:56
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Anarky321 Posts: 702 Incept: 2008-01-22 USA
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i cant believe they're still opening new stores...
2008-07-01 16:20:26
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Rebeltraders Posts: 1370 Incept: 2008-02-26
New Jersey
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Starbucks will be history, failed business model. Was fine as a gourmet coffee shop in a few select cities. But as a national coffee chain with stores popping up like they were Mc'D's was a big mistake for them. They should have remained a private company with only a handful of stores in the markets they were doing well in. Growth does not always equal better. You can grow your way right out of business. ---------- http://blog.rebeltraders.net
2008-07-01 16:22:07
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Heidiland Posts: 735 Incept: 2007-10-29 
Switzerland, where all sheep is white
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They have just opened a new one here in Geneva, and it's so packed like it's always been there. Europe has decoupled, my ass!
---------- ...women are like derivatives. It's nearly impossible to figure most of them out, and there is a good chance they are going to blow up on you, you just don't know when. -Matt
2008-07-01 16:23:02
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Finn Posts: 1144 Incept: 2007-08-02 Near Russia
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600 stores sounds like a lot. I suppose goldilocks didn't find its way to 2H2008. Bugger. I guess different types of store closures will pretty soon start to sound like a broken record. What actually is selling these days?
2008-07-01 16:24:39
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Zerosum Posts: 3674 Incept: 2007-11-11
Yes. It's a train.
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Quote:You can grow your way right out of business. Oh man, truer words...Starbucks super-expansion phase coincided with the biggest credit bubble in history; god knows how many vanilla lattes were paid for with HELOC spare change. They need to cut a hell of a lot more than 4% and they need to do it yesterday. ---------- Sic transit LORAN-C
2008-07-01 16:25:22
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Curiousfsh Posts: 932 Incept: 2007-07-26
NYC
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I remember reading about a year ago that Starbucks had ambitious plans to have ~30,000 stores worldwide by the end of 2009. (At present, I believe there are about 12,0000.) Horrifying. I go to Kampala once a year and would hate to see a Starbucks there! Close them all.
---------- "Only two things are infinite, the universe and human stupidity, and I'm not sure about the former." - Albert Einstein
2008-07-01 16:25:53
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Heidiland Posts: 735 Incept: 2007-10-29
Switzerland, where all sheep is white
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I know a coffee purchaser who works for them. They trade huge quantities, and you can forget any exclusivity, or even uniformity of taste.
---------- ...women are like derivatives. It's nearly impossible to figure most of them out, and there is a good chance they are going to blow up on you, you just don't know when. -Matt Last modified:
2008-07-01 16:28:04 by heidiland
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Emdeplam Posts: 1419 Incept: 2008-01-10
USA/Germany
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Starbucks has surpassed MCDs as the worlds favorite public restroom. They should get subsidies from gov.'s around the world for their efficient building and maintaing of these needed facilities.
---------- http://www.alizee-forum.com/gallery/
2008-07-01 16:26:53
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Opusprime Posts: 924 Incept: 2007-07-27
Andronov-Hopf bifurcation
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Not to toot my own horn, but I called this one months ago. In Oly, Wa, just south of Seattle, we have espresso stands in every parking lot, on every street corner, and we still have about 20 Starbucks in town. $4.50 lattes' are a relic of our immediate past. Oh, and we have about 6 Home Depots and Lowes in town now. When I moved here in 2001, there was one. Within the next 2 years, I predict we'll be close to one again, or worse, none. ---------- To those that give the thieves the keys to their home... - RATM
2008-07-01 16:29:21
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Eli Posts: 3844 Incept: 2007-09-10
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What when gas is over 4.00 gallon people cut back on buying 5.00 coffee? Unpossible. Didn't they start selling sandwiches? That is how you can tell they are screwed.
2008-07-01 16:36:28
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Darknight Posts: 3293 Incept: 2007-08-10
The Wicked Forrest
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AH indicates a $1 pop
---------- The price of apathy towards public affairs is to be ruled by evil men. - Plato
2008-07-01 16:38:02
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Foxymoron Posts: 10364 Incept: 2007-08-20
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I can't believe this article is 10 years old, but I've always thought their growth model was absurd - and apparently I wasn't alone... http://www.theonion.com/content/node/290....
2008-07-01 16:38:28
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Gick Posts: 2116 Incept: 2008-03-18
SE Asia Banned
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You have to respect them playing things a bit defensive rather than continuing to open hundreds/thousands of new stores into a recession
2008-07-01 16:41:23
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Genesis Posts: 71432 Incept: 2007-06-26 
KD^2
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You watch the stock will trade HIGHER on this. ---------- "The monetary base in ALL modern monetary systems is the sum of unencumbered assets against which one is both WILLING AND ABLE to borrow." - Me
2008-07-01 16:43:32
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Zerosum Posts: 3674 Incept: 2007-11-11
Yes. It's a train.
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Quote:You watch the stock will trade HIGHER on this. I'd expect that, but viewed more broadly it's another nail in the coffin of consumer discretionary spending. ---------- Sic transit LORAN-C
2008-07-01 16:48:40
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Rebeltraders Posts: 1370 Incept: 2008-02-26
New Jersey
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Yes, higher it goes AH on the premise that SBUX could return to financial health. But, I still foresee a day when SBUX will be cutting again and again. Closing 600 sotres... there goes another 6000 to 8000 added to the unemployment rolls. ---------- http://blog.rebeltraders.net
2008-07-01 16:50:37
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Zerosum Posts: 3674 Incept: 2007-11-11
Yes. It's a train.
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They're suggesting there might be as many as 12,000 job cuts coming out of this.
---------- Sic transit LORAN-C
2008-07-01 16:53:07
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Agxli Posts: 3378 Incept: 2007-11-02
Suspended
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This is serious. Where are the unemployed realturds and loan agents going to work now?
---------- Is anyone going to go on CNBC to tell Larry Kudlow that Goldilocks's body was found dumped on the side of the road with a bullet wound to the back of her head? Phony capitalism is FAR FAR FAR worse than socialism.
2008-07-01 16:56:43
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Dashingdwl Posts: 4564 Incept: 2007-06-26
los angeles Online
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And another nail in coffin for commercial real estate. Strip mall owners love having a Starbucks around. Drives a lot of foot traffic. Used to anyway. ---------- Think Green Tip. Last modified:
2008-07-01 16:59:17 by dashingdwl
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