Not too long ago a friend suggested I get in on Starbucks. At that time it was trading at around $25.50 on average. I kept pushing back saying nah!! I think the Cinderella is losing steam etc. etc. Well, Today the announcement comes 600 stores closing and 12,000 people losing jobs. You can call it bad market conditions or changing demographics. But in my opinion I couldn't justify paying for $5.00 for a cup of coffee. Closing stores is like cutting your fingers. Looking at your competitors coming with better and relatively well priced similar products with cost effective operation . Ah ah! shit that's where my sales is going.
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