"About 685 employees of coffee mega-chain Starbucks will lose their jobs in five days after the company this afternoon announced it would close 61 of its 84 Australian stores."

I never really enjoyed starbucks coffee but it seems amazing considering how big these guys were only 2 years ago. Rapid expansion perhaps too rapid.

Any thing going on like this in the states with the over saturation of starbucks over there?

Yeah in the US they are closing 600 stores.
I think they have about 10000 stores in the USA.

Of the 600 stores, about a dozen or more in the Orlando area. I say good riddance...
edit* damn bryce, you're quick with the keys!

Yeah, they expanded way too fast. Eventually they came to their senses and realized they didnt need one on every corner.

Ha, they are only closing 1 in lexington, and it's only been open for like 3 months. Way to go starbucks!

meh.... its a coffee shop - not an auto plant - easy come - easy go.
not like they are destroying economies and communities by closing stores.

they expanded while the iron was hot and are now scaling back - normal economics.
I welcomed them when they appeared in Tokyo a way back - now there are a few too many.
They will recede. I will still be able to get a better cup of coffee in the long run.

True, but I think 61 out of 84 stores is a massive reduction!

Get ready for the total collapse of the US economy and then the domino effect around the world......it already is happening actually.

Now this is crazy:
Bennigan's Closed After Filing For Bankruptcy
http://www.nbc5i.com/news/17024807/detail.html

They were still around?

yeah really..I haven't seen a bennigan's in years.

Massive for Starbucks perhaps (and not so hot for its shareholders of which I am one) but not massive for the Australian economy.
And I bet that since starbucks opened there there have been numerous other coffee shops that have opened and have done a better job appealing to the Australian Coffee consumer. Surely there must be an Outbucks or some such (sorry for the punnage.)

Exactly what I was thinking
Haven't seen or heard about them in what feels like years

and about the Charbucks...sucks that the people got laid off but...good riddance. Maybe Real(independant) coffee shops can have a chance now

Go Peet's!!!

...good one!!!

At least you'll still be able to rely on your quality call centers in India.

i think you'll find there were a tonne of great cafes, roasteries, and coffee houses around before starbucks decided to stick their ugly fucking mug in the south pacific. good fuckin' riddance and i hope it spreads to new zealand as well. their coffee is appalling and their business ethics are almost as bad

Well, I hope everyone knows that part of Starbucks long term strategy is to open as many stores in an area to kill off smaller stores. So mission accomplished! They'll close a few stores but they will still be the only game in town in many places.

Here in NYC there are three (I think) within a few blocks of each other in the heart of the East Village.... STILL!

It's funny I was reading about this in LA, and it says most of the stores that will be closed here will be the ones by other starbucks

Peet's rules! I used to live half a block from the original shop, mornings were never better.

not a fan... give me some dunkin donuts!

what does this mean? franchise stores?

dunno too much,but they report weak sales at starbucks located next to other starbucks...pretty funny

Maybe your average person wised up and said "I'm paying 2-3 bucks for cup of joe? WTF?!" Doesn't take a rocket scientist to figure out in these horrid economical times you need to cut back on the stupid things. Wait then again we all buy 80 dollar pieces of vinyl crafted in Japan? At least you can resell the vinyl but not the coffee you just drank.

I dunno, I'm making a whole lotta gun powder from the "coffee I just drank" that I'm gonna sell for big bucks once the economy crumbles and everyone is racing for arms! The man with the most gunpowder will be king!