Starbucks has announced plans to shut three quarters of its Australian coffee shops within the next five days in its latest aggressive cull amid a slowing global economy.
The American coffee giant said it will close 61 of Australia’s 84 Starbucks outlets in order to focus on three core cities and surrounding areas: Sydney, Brisbane and Melbourne.
The shock announcement follows its plan to close 600 coffee shops across America as the economy falters and customers shy away from their daily $4 coffee shot.
Financial Times, The Times, Daily Telegraph
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