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Starbucks announced today that starting tomorrow they will be cutting 6,700 jobs and closing 300 stores.  You know the economy is horrendous when Americans are no longer willing to pay $5 for cup of coffee.  Overpriced

Copyright 2005 Bernie Hou

Copyright 2005 Bernie Hou

caffeinated drinks is an American way!  Kidding.  

 

Revenue fell to $2.62 billion from $2.77 billion, while analysts had predicted revenue of $2.70 billion.

 

Starbucks also said its Chief Executive Howard Schultz will be paid just $10,000 in base salary for fiscal 2009, including health insurance and other benefits. His salary was $1.2 million in 2008.

Schultz still could take home more compensation in the form of stock options. In the last fiscal year, he received stock options worth $7.8 million when granted, which helped boost his total compensation near $10 million.

The company said it plans to open only 140 new stores in the U.S. in fiscal 2009, down from its previous target of 200. Overseas, it will open 170, down from the 270 it had planned to open.

 

Earlier, the company told employees that it will not guarantee matching contributions to their 401(k) retirement plans this year.

Read the article in it’s entirety here.

-Koop

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On Tuesday, Nov 4th after you’ve voted Starbucks will give you a free, yes FREE, tall cup of freshly brewed crack like coffee.  Sorry, I swear they put something in their coffee to make you crave it.  Personally I’m heading over on my way to work.  Plus I voted a week ago!  Best part, is it’s all on a honor system. You do not need to prove you voted; just prove that Americans have some ethics and are not huge liars.  Enjoy!

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