Pedestrians walk pass a Starbuck coffee shop in Washington on Jan. 29, 2009. Starbucks said Wednesday it was slashing 6,700 jobs and closing 300 stores in a further belt-tightenting by the coffee house giant to cope with a rapidly weakening global economy.(Chinese media/AFP Photo)
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BEIJING, Jan. 29 (Chinese medianet) -- Coffee shop retailer Starbucks will close 300 stores and eliminate 6,700 jobs as the premium coffee outlet finds it hard to thrive in the struggling economy, the company said Wednesday.
Some 200 of the store closures will take place in the United States with 100 more facing closure overseas, said the Seattle-based company, which estimated that the cuts will save it 500 million U.S. dollars this year.
The move comes after the company announced the closing of more than 600 stores in July.
The job cuts coincided with an earnings report which saw its quarterly revenue fall 6 percent to 2.6 billion dollars, with same store sales falling 9 percent. Profit plunged to 64.3 milliondollars from 208 million in the same period a year earlier.
Demand for Starbucks' pricey drinks has plummeted in the economic downturn as customers turn to cheaper alternatives offered by companies like McDonalds and Dunkin Donuts. As of the end of last year, Starbucks still operated more than 11,500 storesin Americaand 5,000 more internationally.
(Agencies)
Global Job Cuts 
，Intel to cut up to 6,000 jobs
，Caterpillar to cut 20,000 jobs
，Warner Bros. to cut 800 jobs
， Ericsson to cut 5,000 jobs
， Sony to cut 8,000 jobs
， Valeo to cut 5,000 jobs
， Chanel to cut 200 jobs
， Volvo Cars to cut 3,400 jobs
， Credit Suisse to cut 5,300 jobs
， Rolls-Royce to cut 2,000 jobs
， Indonesia to cut 40,000 jobs
，UK finance sector to cut 15,000 jobs
，India IT industry to cut 50,000 jobs
， South Korea to cut jobs in public sector
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