Year Established: 1971
Store Closures: 500 Branches*
It’s been a tough time for the retail industry, but the hospitality sector has also taken a hard knock. Starbucks has been around since 1971, providing coffee lovers across the world with their daily cup of Java, but even this titan hasn’t come out of 2021 unscathed.
The popular chain announced closures of over 500 stores in the US and Canada as it turns its focus to pick-up only locations. Starbucks said that despite this, it was still hopeful that this move would “enhance the customer experience” and “enable profitable growth for the future.”