Starbucks has plans to close around 600 stores that don’t perform to their standards. This will eliminate 12,000 full and part time employees. The store closures will happen at the end of the first half of the fiscal year; aka September 2009. Severence costs could be up to $348 million. Only 200 new U.S. stores are set to open in 2009. Better start digging out your best local coffee shops or switch to Peet’s. It might be nice not to see that green Starbucks symbol every block. Kick the expensive habit or get angry?

Tags: closing stores | cuts | employees | fiscal year | money | Starbucks

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