Starbucks to close 600 underperforming US stores, cut as many as 12,000 positions

The company also announced Tuesday it expects to open fewer than 200 new company-operated stores in the United States in fiscal 2009. (Listen to the conference call.) Starbucks says the stores that will be shuttered are spread across all major U.S. markets with approximately 70 percent of them opened since the beginning of fiscal 2006. The company says it will try to place workers from closed stores in remaining Starbucks. (Wall Street likes the news; at last look, Starbucks' stock was up 6.5% in after-hours trading.) (Read the AP story   || Read Starbucks' press release || Read Starbucks CFO's prepared statement) 

Comments

[jah]

p.r.i.d.e.,
Could you give me a definition of "overconsumption" please? Could you tell me what exactly constitutes "gluttonous" life? Where have I, or any other person, been living in la-la land? Has it occurred to you that I have been looking out for me and mine which is what everyone does. I typically enjoy your posts, but those statements seem to be a little pretentious.

[RainGrlBarista]

I am wondering which stores (if any) will be closed in the Kansas City, MO market?? The store I currently work at has been open for a year now. Lately I have been witnessing & working these odd spurts of business on any given day of the week. We are NOT as busy on the weekday mornings as we used to be :(( and our weekend business flows are not any better either! My prayers and thoughts go out to all my fellow partners (who may be losing their jobs.) Going to be checking in with my SM and keeping my ears and eyes open to any new updates.

[Marcus]

Unlike many of you, I don't know the history of Schultz or why people love him, but doesn't it seem like nothing too positive has happened since he took over?

There is really nothing different at my Starbucks except they have top pot donuts which are much worse than the ones we had before. Oh and the Pike Roast coffee.

I think Starbucks' leadership problem is that they advertise their desperation and their lack of knowledge of what to do. They seem to have no confidence and be frantic with trying anything to work.

If I took over, I would first say, "Shut up. Everything's fine." Companies should be bragging on themselves, not coming up with frantic excuses and talking about their failures.

That CEO writes letters like he thinks in a group therapy session with all of America.

[truth]

Regarding the stock price.... the stock was hammered in the last week or so....

My guess is that investors were shorting the stock down artificially, then buying options and waiting for the announcement of the closings.

Nothing else explains the big drop over the past week. No news. No impetus.

The investors are running the show now, people. Your stock is being manipulated using your jobs as leverage.

Diversify.

[jabanga]

we can now without any qualifications say that the ridiculous rapid growth proudly promised to wall street and driven by jim donald's leaderships was lunacy? all the cost-cutting and sacrifices that were made towards that goal only to close such a huge chunks of stores shortly thereafter? it was a ridiculous undertaking that has decimated the company. thanks jim. hope your enjoying that severance.

[StLouieDrip]

Truth, please translate what you mean by "shorting the stock down artificially." That's some stock jargon that I really don't understand.

Also, what do you mean by saying that jobs are being used as leverage?

[Mike]

I'm still wondering if we're getting the full understanding of what "profitable" means. Does it simply mean stores who are making total contribution vs. stores that aren't? Because it was also stated that stores that aren't performing as the business case expected will be closed as well. What does that mean? My interpretation of that is that stores that aren't performing at the level the company thinks they should be at this point may be in danger as well, regardless of total contribution.
I am an SM of a low-volume store. It's a great little store and I've been there for two years. We haven't missed total contribution targets in any quarter since I've been there. However, the store's been open almost six years and despite the fact we continue to comp 5%-10% weekly, our total sales usually end up around $13k per week, and we ramp down heading into summer. At the time I took over the store just under two years ago, there was a chance the lease wouldn't be renewed. However, we had a great Q1 in fiscal '07, and the lease was renewed for five years. However, considering our low volume, I wonder just how safe we really are.

[lattegal]

I'm not sure about the "profitable" definition either. I also think that other stores in close proximity will play a part in what stores will be closed. Just my thought, I have nothing that confirms that. It just seems unnecessary to have 3 stores on the same street just blocks away from each other.

[jj]

by July 15th stores will know if they are closing.

[Concerened Barista]

I really think Howard and Starbucks should have let the stores who are closing know before this announcement. What will happen to the moral in the stores until every store is notified. I see alot of baristas so worried tomorrow they will not be focused on drinks and just talking to their SM, who wont know much either. This is not a way to show your partners you value them.

[barristerbarista]

I feel very sad for those partners that will lose their stores. I know I'm fairly attached to my store and my partners there and so I know that for many people this will be an emotional blow for more reasons than just losing their jobs. My heart goes out to them ( and I selfishly hope my store is safe ) All this worries me, but makes me want to go to work tomorrow and sell, sell, and sell.

[lattegal]

Concerned barista -
I couldn't agree with you more! If we are "Partners" then we should have known prior to it hitting the media. They could have told the "Partners" today and release a Press Release first thing tomorrow morning. This really does bother me. I feel bad for a large percentage of our partners who may not be able to sleep at night until they find out if they have jobs or not. Our economy is rocky, many have insurance through Starbucks and then to not let us know first is just not very respectful.

[xsbuxdm]

"Regarding the stock price.... the stock was hammered in the last week or so...." I beg to differ, but the stock has been getting hammered for over a year, LONG before the market took a downturn...last week was nothing.

The after hours market liked today's announcement, but I don't think the bottom has been hit yet. I'm guessing $10-$12 a share @ this point.

And while I don't think Howard would sell, today I saw the second article in as many weeks about a buy out! Just makes ya think!!

[inopethflames]

i would think that people who work at starbucks would have some idea if their store would be included or not, by judging from how busy the store is. but anyway thats what happens when u have such rapid expansion and have so many stores close to each other. the interesting thing to watch for is when the economy gets back to being in great shape in 1-2-3 years or whenever, will they go back to big expansion or learn from this & keep it moderate. otherwise this same thing will happen in 5-10-15 years.

[Finola]

A few things Howard said at the SSC open forum today:

-He expects to finalize the exact number of store closures and identify all the stores that will close by mid-July.

-He expects a significant number of licensed store closures at some point in the future.

-These store closures will mean a reduction of support needs at SSC. More details to come by Aug 1.

[sbuxpartner]

It's a shame this company has become what it is. I'm a long time partner who remembers when Starbucks was a different place. I still love working for Starbucks but I'm very disappointed in some of the things that go on. I am very happy Howard Schultz has returned, maybe he will see the damage certain partners continue to do. I believe if he really knew what goes on he wouldn't like it. We have a few partners in positions that have no idea what the Starbucks culture is about. I know in my NJ area alone there are a few. Where partners are afraid when they walk in their stores. Never a nice word is said, constant negativity, partners crying, and quitting. They are the people who should lose their jobs. They will fire people who believe in the Starbucks culture, Managers or District Managers who will defend their partners, the mission statement and tell them how they do not embrace our culture. Most of these are "outside" hires. Some are great, others useless. When starting as a barista then moving up the "ladder" so to speak then you get it, there is no disconnect. How does a person who never managed a store, or worked in a store for more than 2 minutes, get it? I never realized that to be a valued Starbucks partner you had to be a yes man, even when it was wrong. If something is said there is retailation, so everyone keeps quiet. Should it be this way? I myself am afraid to go against one RDO/DM in particular, she is ruthless and should not be a part of the Starbucks family. There is a huge disconnect with her, she does not get it. So it's a shame partners who love their jobs and what Starbucks stands for will lose their jobs, instead get rid of those who pretend too!!

[lattegal]

I don't think that some will see this coming. Just because a store may seem busy doesn't mean that the store is profitable.

[elephant]

The company can't give out information beforehand to stores since it is publicly owned. That could lead to insider trading issues. It sucks that stores are closing and that so many hard-working people will lose their jobs.

[rth]

My store makes 20k a week, and we make 5k-10k more than any other store in our district, as well as the only store within 20+ miles and we are constantly busy. We open 5:30am everyday and Sunday's are CRAZY with 7+ Barista's working so you can imagine what Monday AM is like.

Are we safe?

[DT]

My heart goes out to all the partners who are scared/potentially affected by this. It can only suck and be a real shock.

It's been some time in coming I think - the writing has been on the wall and ASM's/SM's, etc. could see it, but it's a shock for baristas.

I hope everyone lands on their feet.

[WaShift]

I love Starbucks and I love my job with them. I was in a different industry before coming to Starbucks two years ago and was in a management role. Everyone who is talking about stocks, morale, etc have to understand this is the way it is nowadays with all companies.

The biggest concern for me is that I am set to get an interview scheduled downtown for ASM sometime this month and with store closures and transfers who knows if this will happen and if so, if there will be a spot for me.

Bottom line is, companies are not like they were for our parents and grandparents. Loyalty only goes so far nowadays. If my store is closed than I will either go to another store or use my experience at another company.

[lattegal]

Washift -

Yes, from what I've heard promoting new ASM's is being put on hold. With all of the transition going on and now with these stores closing they will most likely try to keep most of the 600 SM's and ASM's and transfer them to other stores. Hope it works out for you.

[P.R.I.D.E.]

"p.r.i.d.e.
Could you give me a definition of "overconsumption" please? Could you tell me what exactly constitutes "gluttonous" life? Where have I, or any other person, been living in la-la land? Has it occurred to you that I have been looking out for me and mine which is what everyone does. I typically enjoy your posts, but those statements seem to be a little pretentious."

Looking out for me and mine is exactly what I mean- each of us, personally, as well as businesses, investment sectors, institutions, have developed a great sense of "spin" regarding our decision making in the last few years. We can justify our rational for needing Excursions for a family of 4. We can justify our kids walking around with Nintendo DS (and buying new games weekly) instead of conversing with them in waiting rooms. Lenders could justify putting people into loans that they knew would default. We can justify feeling the need to personally "reward" ourselves daily for things that don't really deserve reward. It comes down to an inability to delay gratification.

As well, as I learn more about the true human atrocities people are experiencing outside of first world nations (think the Congo, Liberia, and Darfur), it makes me cringe to think that our pain points don't really even begin to compare. Yet we'll spend thousands of dollars on a "life coach" who will stroke us and guide us towards some sort of enlightenment- when really, we're just paying for the "life coach's" 4th trip this year to Bora Bora.

And I am just as much a part of it, as I am speaking about it, and I acknowledged that in my post. I'm not speaking from any pedestal, rather, from experience. I'm just reevaluating what is important in this life, and to me, it's becoming clear that the human connection will probably prove more satifying. With everything seeming to crash around us, it is the only coping mechanism I've seen actually fullfill me. I've begun the difficult process of breaking away from thinking about "me and mine"...

Please, for those of you who might agree, let me know. I'm sure I'll be under the attack for the rest of the evening, for those who disagree...

[Melody]

Sbuxpartner, perhaps managing people - the DMs or RDMs you mention, (??) will get easier with fewer stores. ?

Things sometimes get worse before they get better, though I admit, I wish Starbucks would put on a bit more of the face to the public of "everything's just fine." (I think truth mentioned that). I just think it's a better business strategy because so many people start to believe what they hear, if they hear it often enough. Okay, call me crazy on that one ...

[lattegal]

P.R.I.D.E.
You are right on. Seriously...we have become a very selfish and self-centered society.

[smokey]

THANK YOU HOWIE!!! it's about time!!! too many damn stores, everywere you look. it's pathetic!! the novelty wore off a long time ago. it's the economy stupid, duh, starbucks got too big for it's britches.....my store won't be closing so i'm excited about all this... IT'S ABOUT TIME!!!!!!!!!!!!!!

[Dave]

I don't see why anyone is worrying about anything in the first place. Talking about if your store or job is "safe"?

Yes, it sucks if your store's closing. But some people are acting if the entire company's going to go belly up.

If you are the only store in a 100 mile radius, you're probably going to stay open. If you have 10 starbucks on either side of you, then it doesn't matter whether or not you stay open because you can just transfer to one of those.

I think some people are being overdramatic.

[Dave]

I don't see why anyone is worrying about anything in the first place. Talking about if your store or job is "safe"?

Yes, it sucks if your store's closing. But some people are acting if the entire company's going to go belly up.

If you are the only store in a 100 mile radius, you're probably going to stay open. If you have 10 starbucks on either side of you, then it doesn't matter whether or not you stay open because you can just transfer to one of those.

I think some people are being overdramatic.

[lattegal]

I do wonder if there weren't so many licensed stores if the under performing company stores would be doing better? Glad to see that they are looking at the licensed stores too. I mean the licensed stores do take business away from the company stores, plus they don't have the same standards or environment as company stores. I think that Starbucks did shoot themselves in the foot with all the licensing that they've done.

[Brian]

Howard... YOU HAVE FAILED US!!!! Why not sell off things like Seattle's Best and the licensed concept stores??? Why are you doing this??? You still have a job, don't you? Why don't you make all those CEO's and upper managers go without pay for awhile and see who's crying next. I just can't believe this. You are so full of excuses. Why don't you blame yourself for once?????

[Ollie]

I spent years in store development in the SSC, looking at these stores as they came into the pipeline. Time and time again, my fellow partners and I went to the vps and said "These stores are terrible, don't let it move forward," and time and time again it moved forward. I once told a vp that SBUX guiding principal shouldn't be growth for growth's sake. He assured me that these were quality stores - but he never looked at them! We did! And no one - NO ONE - would listen to the people on the front lines. And who were these VPs mindlessly rubber stamping pathetic stores doomed for failure in order to meet the predictions made to the "street"? Howard's buddies, guys who had stayed to long and were in over their heads, men and women more interested in protecting their personal fifedoms than the company. And where are these guys now? At the SSC - they made sure anyone who "complained" about the quality got on the fast track to no where, and the yes men and women remain in their windowed offices, or their interior offices with the one painted wall, happy as clams. These same idiots who couldn't be bothered to listen to the store development quality control are now making the decision about what stores to close. NICE! I'm sure this will work out well...

The only way this place changes if they wake up and dump the VPs and Directors who've been sitting their digging an early grave for the company for the past 6 years .

[media relations]

JENNIFER CABALA-

Starbucks has a media relations department that you can contact for comment. All partners are required to forward you to them for info and are not authorized to speak to the press on the company's behalf. Please be respectful of these partner's jobs and contact media relations (press@starbucks.com)

[Lenox]

Brian what region do you work for?

[moose cow]

Never understood the knee-jerk negativity toward license stores. I've had consistently good experiences - airports, grocery stores, bookstores. Often, I feel that the licensed stores in bookstores have SUPERIOR product offerings, or at least product variety.

Starbucks has - and I'm sure licensed store employees who read this blog could vouch for me on this - a fairly robust quality assurance program in place throughout the nation to ensure that licensed stores maintain high standards of prep and production. Particularly for the B&N licenses.

I find it enjoyable to shift from a traditional starbucks to a license a few times a month. Constant interface with the bux culture (or lack thereof) by doing a quotidian bux trip can become cloying.

I know we all have anecdotes about 'terrible time x' at 'license store y'. I've had them too. I've had them at standard stores as well. But, by and large, I think license stores are a feather in the companies cap. They certainly haven't overspread - or overgrown - like the standard stores.

Believe me, if they were willing to yank out 600 standard stores, they'd be willing to yank out the licenses if they were unprofitable and/or they saw them as a threat to a coherent bux culture. I don't think either of those things is occuring right now - they're making money and they frequently are complementary rather than combative with the standard stores and the overall bux culture.

Bottom line: stop looking for scapegoats in the licenses.

[Licensed Storista]

At first read of this the detail about the "corporate owned" stores was calming. But after all of the noise and rabble-rousing about licensed stores I have begun to fear.
My "store" is located inside of a grocery store, we have a very loyal contingent of high-earning customers, however, we make in a day between $600-1000.
When I went in today to get my schedule I noticed there was a note for the manager that our DM is coming by on the 10th for a meeting. I asked her if this was because of the new pastries or for the Vivanno's she said she hasn't heard anything about new pastries and that we've been getting little snippets of info about the 'new drink', but she didn't know why the meeting was being held.

Fingers crossed there isn't a mass slaughter of Licensed Stores. [Even though most of them are fairly clueless I will admit]

[feministabarista]

Hello Starbucks community... As an 8 year partner I am scared that I and/or my husband both of us Store Managers, who joined this company as baristas and built our market to what it is today the old fashioned way, with word of mouth, good-will advertising, one Make Your Mark at a time, with real-life customer care, and so much hard work... may be soon out of a job, and I cannot tell you how unfortunate that will be for us personally and financially, but what I can say is that I love this company, and I love you all. Please if we could all stick together and not speculate blindly about which stores or partners will be affected that would be most responsible, until we know something for sure... I am an MCM who fears for the new managers I have trained and told that they were joining a type of organization that it appears we may not be, and I feel like a mother waiting for the call that my child has been injured or killed in some senseless tragedy. Lets just remember the human element in this and be respectful, and not pompous and arrogant and "I told you so" on here... this isn't about who "called it". This is something that will really negatively impact people- pantners lives... Lets stick together, we need each other now.

[truth]

pride- Darfur is not a nation. It's a region. And suddenly a $4 latte is sinful? That's a quick turn-around from all the cheerleading.

xsbuxdm- You can disagree about the stock getting hammered in recent days, but look at the chart and you'll see I am correct.

stl- Short sellers can take a stock down to whatever price they want. If they want the stock to trade at $15 tomorrow, it will trade there. First, they sell put options, betting it will decline. Then they just flood the market with stock. High supply equals lower price. It's risky, but if they believe there is a catalyst, it's much less risky. Last week, I'm guessing someone got wind of the store closings and pushed the stock price down. THEN, they bought call options betting the stock would pop. This, combined with the end-of-quarter rotation by the mutual funds, made for a volatile market, ripe for short sellers to make a killing. They make money on the puts on the way down, then make money on the calls on the way up.

As was pointed out today on cnbc, sbux cuts the staff by 7%, the stock rises 7%. That's it in a nutshell.

Whenever they need to prop up the stock price, they'll just announce more closings/layoffs/etc.

I'd expect most of the licensed stores to go. Otherwise, they would have addressed it in THIS announcement.

It's gonna get much worse before it gets better.

[Licensed Storista]

Moose Cow- Here here, I couldn't have said it better myself. Our small size allows us to provide a more personalized experience and learn exactly what our customers want from their drink. Some people do pass up other corporate stores for us, which is sad. But that's the nature of business isn't it?

There's something to be said for part time employee's that have worked at a job for more than 2 years. At some point it's not a career, its just a monotonous job that puts funds in the bank. I've noticed with some of the younger people I work with/know at other corporate stores they don't give a shit anymore. One of them quit to go to school, then failed out, and came back.

It's disheartening, first the service goes, then the corporation fails the customer with the product[lack of bold coffee?], then the street reacts negatively and someone else moves in on your market[McD's, DD, Peets?].

Only time will tell...

[WaShift]

LatteGal:

Where did you hear that all ASM/SM promotions have been put on hold

[P.R.I.D.E.]

Truth exemplifies my whole point. In it for himself, and himself only. And he completely misses my point.

Nowhere did I say the $4 latte is sinful, but I will say that if we cannot provide the human experience to match the product, then suddenly people WILL start evaluating their money and determining if it's worth it. In my mind, people are more likely to add value to a product that is served with genuine human connection (myself included), and that's what our brand was built on.

It reminds me of my dad, and how for 40 years of his life, he started off his day in the earlier version of the "coffee shop"- those hole in the wall estalishments with bad coffee, and the egg, bacon, and toast special for $2.99. It wasn't that the food was delightful, it was that when he walked in, the same waitress who had been serving him for years would welcome him, give him a hot cup of joe (that wasn't even that great) and would serve him with a smile and some small talk- that would start every morning right. It was familar, and he wouldn't have traded that first 30 minutes of his day for anything...

That's why I love Howard Behar's book, "Its not about the Coffee"...I find it just as applicable today for our brand, and it speaks to my point much more elloquently than I ever could.

Cheap shot with the Darfur comment, "I guess you got me Truth"...lame...

[ItsTheLaw]

@mediarelations,

What are you going to do, fire them if they talk about how they might be worried about their job? Saying you work for someone and that you are worried about what you will do IF they do something that is all over the media is not speaking on the company's behalf.

Don't be classless and threatening when you are about to cut 12k loose. And if you are going to threaten them, I hope that all 12k talk to the press when they no longer work for SBUX.

[no promos]

there are no stores to promote asm's to, there's 23 of them on the bench, so no ss promotions for now...

[no promos]

i should specify that those numbers are for area 10

[Prideless]

SbuxPartner 6:33:37 PM I feel your pain! and I honestly think I know the DM you are talking about, and I agree! Ruthless is an understatement, and she takes pride in catching people in a moment of ignorance. Recent externals haven't worked out, partners crying, and walking out, moral in store at the lowest I've EVER SEEN!you're spot on, people who don't drink coffee getting hired left and right. This place is beginning to remind me of the dumpy minimum wage job I dropped for the culture, and fun, of the Starbucks work invironment. I don't make enough to put up with it. I don't know how much longer I will last at this job.

[dharmacup]

I don't see why people are so shocked and upset. This is corporate culture at it's finest. This type of corporate struggle involves the 'grunts' and the 'suits'. I worked for a major airline for six years and when rumors of lay-offs and mergers start happening, the grunt crews start circling the wagons and people get all worked up over speculation and fear. Big business means big bureaucracy.

My advice? Calm down, people.

It sounds like some of you have had waaaaay too much of the SBUX Brand 'kool-aid' to think clearly about the company. THIS IS AN INTERNATIONAL CORPORATION! Business revenue is the bottom line, no matter how much you want to gloss it over with fake "customer relations" and the SBUX "experience."

By the way, what's being called the "Starbucks Experience" is nothing more than a real barista doing their job. I've worked for a few independent shops and the tasks are nothing different that what would be done at *any* local coffeehouse:

Keep the place clean and neat.

Make the drinks to a certain standard.

Be friendly. You make better tips. (Every single person who has worked within the service industry knows that a personal level of interaction with customers gets you big tips and repeat business).

If SBUX really wanted to improve their service, they would toss out the tip pooling. By pooling tips, everyone gets a share--even those baristas who couldn't careless about the quality of product their putting out. People like that are just coffee pushers working for a check. You can't put passion and commitment where there is none.

If the baristas divided up the tips after a shift change, the hardcore baristas would fight TOOTH and NAIL to get those coveted Monday through Friday 9-5 shifts because that's where the tip money is to be made. Strangely enough, it motivates people to be exceptional at what they do.

I'd also recommend getting rid of the drive-thru's. ALL OF THEM. If you want the whole culture of personal interaction and attention to speak for the brand, get rid of the drive-thru-fast-food mentality and stop marketing to the lowest common denominator by serving half-ass coffee and coffee-flavored drinks loaded with high fructose corn syrup.

On this note, if people haven't noticed but TACO BELL is carrying a new blended fruit drink. Wendy's just unrolled blended drinks as well. The blended fruit drink is now ubiquitous. The market is saturated with blended drinks and even Rockstar has high-fructose corn syrup loaded coffee energy drinks.

My advice to Howard and SBUX:

Think of new ways to market your core commodity: COFFEE.

[asmintrouble]

I know my store is done, we are the definition of the criteria...starbucks was my first job ever and all these yrs later it is my family. Feeling lost and unemployed....

[curious]

I think we should be fairly safe in kansas city. With Westport just closing, my speculation would be that only one store might close. Hopefully in Southern Johnson County where cannibalism is thick.

[Pat Nerr]

"JENNIFER CABALA-

Starbucks has a media relations department that you can contact for comment. All partners are required to forward you to them for info and are not authorized to speak to the press on the company's behalf. Please be respectful of these partner's jobs and contact media relations (press@starbucks.com)"

Cuz you guys are so good these days and all... with all the practice and such. A partners' ability to speak to the press about how they feel about losing their jobs is their business. Until you start offering them "consideration" like you do for the executive group to keep quiet, you have no leg to stand on... Now go get Wanda some coffee and a donut.

[espressoblend]

First, hi Darleen! How's it been going? Miss me? :D

Next:

PRIDE:

Regarding:
Truth exemplifies my whole point. In it for himself, and himself only.

I'll direct your attention to this point: the people at Starbucks who might be losing their jobs seem to be all in it for themselves. They're very fearful that they might be unemployed and are saying (and probably trying to do) anything to save their job. They're in it for themselves. They certainly don't have the investors in their thoughts when they're demanding their jobs to be safe.

Truth is, well, just telling the truth (heh)... He's making extremely valid points that you cannot argue with. They're pretty air-tight. He probably (if I remember correctly) has some investment in Starbucks. Of course he's interested in SBUX being profitable. He's in it for himself, too... he's looking out for his investment and himself. He hasn't even put a show on about it... he's been clear about his position.

There's actually one big difference: all of the folks hemming and hawing about their fear of losing their jobs are just putting out emotional responses and Howard-trashing as their "backup." Truth is actually putting out solid facts, great trend-spotting, excellent theories and observations as his back-up.

This is the opposite of awesome, yes, but it's what needs to happen to get this company back on track.

It's really different than what most people imagined when Schultz announced his "transformation agenda," but, as an investor, this is more of a transformation I can agree with versus the touchy-feely-ness and the introduction of half-assed promotions and PR stunts that initially happened.

I feel for the folks who are going to get fired, but that's that. Sorry guys.

[WaShift]

NoPromos:

I am not in area 10.