Starbucks Announces More Job Cuts, Store Closings

Starbucks Corp. (NASDAQ: SPUX) has announced plans to cut as many as 6,700 jobs and close 300 stores worldwide as the coffee giant finds itself handing out fewer cappuccinos due to the global economic slowdown.

Profits in the fiscal first quarter at Starbucks have reportedly dropped 69 percent as their net income fell to $64.3 million compared to $208.1 million from one year ago.

Of the 300 stores closing it is believed about 200 will be in the United States. About 6,000 store employees will be cut while 700 corporate jobs are slashed.

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