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Starbucks Might Close Stores On Safety Concerns

starbucks 072022 lt

Coffee retail giant Starbucks (SBUX) might close more stores over safety concerns.

After announcing last week that it will be closing 16 Starbucks stores due to safety concerns, CEO Howard Schultz in a leaked video said that more store closures were coming.

"We are beginning to close stores," because of safety issues, Schultz says in the video, in which he apparently addresses a group of employees. "This is just the beginning. There are going to be many more."

The news was reported by Insider and Starbucks also confirmed the authenticity of the footage.

Last week, the coffee retailer revealed plans to close 16 locations across Los Angeles, Seattle, and Portland, Oregon, as well as in other cities by the end of July. The company cited "challenging incidents," including drug use and instances of disturbed patrons.

A Starbucks spokesperson told Insider that the chain was "closing some stores in locations that have experienced a high volume of challenging incidents that make it unsafe to continue to operate, to open new locations with safer conditions."

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