Starbucks closing cafes; CEO calls performance ‘not acceptable’

FILE PHOTO: A Starbucks store is seen inside the Tom Bradley terminal at LAX airport in Los Angeles, California, U.S. on October 27, 2015. REUTERS/Lucy Nicholson/File Photo

Starbucks Corp forecast on Tuesday slower sales growth than Wall Street expected this quarter and plans to close about 150 U.S. cafes next fiscal year to boost performance, sending its shares down 2 percent after hours. The world’s largest coffee chain is facing competition both from upscale coffee houses and lower-priced fast-food chains like McDonald’s […]

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