Starbucks plans to shutter up to 200 shops in Canada

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By Staff The Canadian Press

Posted June 10, 2020 10:50 am

2:37 Global News Morning Market & Business Report – June 10, 2020

Canaccord Genuity Wealth Management's Rob Tétrault discusses major movement for the Nasdaq and explains why he's watching stocks for Starbucks and AMC Theatres.

Starbucks is pulling back on its presence in Canada with plans to close up to 200 coffee shops.

The Seattle-based chain says it intends to restructure its company-operated business in Canada under a two-year plan.

The details were included in a letter to shareholders filed on Wednesday with the U.S. Securities and Exchange Commission.

The company outlined a number of broad changes it was introducing as a response to the COVID-19 pandemic and evolving consumer habits.

Starbucks says some of the Canadian stores up for closure will be “repositioned,” which suggests they could either move to a new area or change format.

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The company has been experimenting with locations that are pick-up only coffee shops. The first Canadian location using the new format launched in January in Toronto.

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