The economic crisis is eating into high-end coffee consumption, as Starbucks found out in its fiscal first quarter.
In earnings just released, the coffeemaker said it would lay off up to 6,000 employees at its stores and let go another 700 non-store employees, half of which would come at the company's Seattle headquarters.
Also, Starbucks said it would close 200 U.S. and 100 foreign stores. This comes in addition to the shuttering of 661 stores announced last year. Most stores are expected close this year.
Bankruptcies and Liquidations:
Potential Bankruptcies & Liquidation Impact: 999 stores
Total Closings: 634 stores
Potential Impact of All Announcements to Date: 1,633 stores