Since I just wrote about Starbucks, I thought I should update everyone with the latest business news from the company. Fiscal second-quarter profit dropped 77%. Why? Because the company is going through a major restructuring and closing 123 U.S. stores.
I love Starbucks, but I wonder if this has anything to do with its faster-than-light global expansion. Perhaps even more damaging is the weak economy and McDonald's latte launch:
"Over the past 18 months, McDonald's has been steadily introducing lattes, cappuccinos and mochas in individual markets across the country. Some 80% of the company's 14,000 U.S. stores now sell these drinks, and this week McDonald's will roll out a national advertising campaign trumpeting the McCafé section of its menu." Full story: TIME magazine