It may be harder to get your hands on a latte this year, as Starbucks is closing up to 200 shops across Canada.
The coffee company said, in a letter to shareholders, it is restructuring its business within a two-year plan.
“As our business recovery continues, we are now laying the foundation for a more transformational phase — ‘restore and build resilience’ — enabling us to accelerate the transformation of our business,” the company letter stated.
However, Starbucks owners pointed out that they usually close about 100 Canadian locations a year, mainly due to expiring leases.
And some of those closing stores will simply be “repositioned.” This means they could either move to a new area or change format.
On the other hand, Starbucks intends to add 300 new stores this year, to coincide with the 400 meant to close over the next 18 months.
The company plan was meant to happen over the next 3-5 years, but the owners pushed it forward due to “rapidly evolving customer preferences.”
Other restaurants have closed around Vancouver recently, including Storm Crow Tavern on Commercial Drive.
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