FINANCE

Starbucks to Close Stores

BY CSA STAFF

Seattle Starbucks announced that it plans to close 100 underperforming locations in the United States, while scaling back the rate of store openings domestically, according to The New York Times. The locations slated to close were not identified.

At the same time, Starbucks will move more aggressively to open stores overseas, where business remains robust.

In all, Starbucks will open 1,175 restaurants in the United States this budget year, down from its previous goal of 1,600. The company will open 75 more stores abroad than originally predicted, for a total of 975.

As part of its turnaround plan, the company also said it would discontinue warm breakfast sandwiches at its stores and focus instead on healthy breakfast options and high-quality baked goods.

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Stage Stores says Peebles evp to retire

BY CSA STAFF

HOUSTON Stage Stores today announced that Dennis Abramczyk, evp and coo of its Peebles Division, will be retiring after approximately nine years with the company. He will continue to serve in his position until a replacement is found.

Jim Scarborough, chairman and ceo, commented, We want to thank Dennis for his contributions and service to our company, and we wish him well as he begins this new phase of his life. We will immediately begin a search for his successor, and we are pleased that Dennis will be staying on until the conclusion of our search process, as this will ensure a smooth and orderly transition.

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Home Depot to cut 500 HQ jobs

BY CSA STAFF

ATLANTA Home Depot is cutting 500 jobs at its headquarters. According to reports the cuts make up 10% of the 5,000 employees who work at the headquarters.

The cuts are partly due to the struggling U.S. economy, which has hurt market conditions, reports said. Employees were notified of the eliminations today, they will be paid through April 4.

Home Depot reported fiscal 2007 third quarter consolidated net earnings of $1.1 billion, or 60 cents per diluted share, compared with $1.5 billion, or 73 cents per diluted share, in the same period in fiscal 2006.

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