And the most recent victim of the oil-spiked downturn in the economy appears to be Starbucks.
The Seattle-based company announced this week that they are closing 600 stores across the country due to slower sales. In addition, Starbucks will slow open of new stores this year.According to Starbucks CEO Howard Schultz the slower economy is to blame:
For more than a year now, we have seen the adverse impact that a slower economy and dramatic decline in consumer confidence have had on our U.S. business. This has resulted in a drop in comparable store sales due to a reduction in customer traffic.With the price of oil at record levels over $142 a barrel, and the average price of gasoline at $4.09 a gallon, spending $4 for a cup of coffee appears to be off the menu for millions of Americans each day.
- Honey Bees Blamed for Higher Food Costs
- New Texas A&M Study Shows Higher Oil Prices are Impacting Consumer Prices
- Rising Gas Prices Hurting Small Businesses
Find What You Seek --> Search FoodandFuelAmerica.com