Seattle, Washington—December 21, 2018—Starbucks is closing its Seattle, California, outlet, closing the doors for good, and opening up another location in the Pacific Northwest.
“Starbucks continues to be committed to the Pacific Southwest region, where we’ve had some tremendous success over the last few years,” said Starbucks CEO and co-founder Howard Schultz in a statement.
Starbucks will be closing all of its stores and locations, with most remaining open through 2019. “
The company has been expanding its footprint in the U.S. for some time, and will continue with the same focus.”
Starbucks will be closing all of its stores and locations, with most remaining open through 2019.
The announcement came in the midst of a huge global financial crisis that has shaken investor confidence in the business and has made Starbucks one of the hottest places to buy coffee.
The company’s stock dropped by almost 30% over the past year, while the S&P 500 dropped by around 5%.
Starbucks announced that it was selling its remaining stores in January 2018.
Starbucks said it would continue to sell its coffee at its Seattle and Portland locations until the end of 2020.
In March, Starbucks announced plans to build an additional coffee shop in Arizona that would be called Starbucks Coffee Roasters, with the plan to open the Starbucks Coffee and Tea House in the state by the end in 2021.
Starbucks has been on a roll over the years, making some huge acquisitions in the past few years, but its expansion has slowed in recent years.
In 2016, Starbucks bought the Chicago coffee shop La La Land for $2.3 billion, a deal that Starbucks says will “create a world-class coffee and wine bar that has been the cornerstone of the company’s growth for the past six years.”
The Seattle store was slated to open in 2021, but that was pushed back to 2022, according to a Starbucks spokesperson.
Starbucks also announced in May that it would open a new coffee shop on the corner of First Avenue and Broadway that would open in 2019.