This Could Cost Starbucks Millions in Lost Revenue Next Month

Starbucks will be closing 8,000 stores for an afternoon on May 29th and it could lead to a loss of millions in revenue for the company.

It was back in 2008 when Starbucks closed for an afternoon the first time in order to retrain baristas on how to make espresso and steam milk. That closing cost the company $6 million in lost revenue.

According to Jeff Sonnenfeld, the senior associate dean for leadership studies at Yale, the company closing
next month could result in around $12 million being lost in revenue.

“There’s no doubt in my mind that the reason [the police] were called was because they were African-American,” Howard Schultz, the chairman of Starbucks, said on CBS. “And I’m embarrassed by that, I’m ashamed by that. That’s not who Starbucks is, that’s not who we have been and that’s not who we’re going to be.”
It was earlier this month that two black men had been arrested at a Philadelphia Starbucks because the manager had called the cops on them.

Disclaimer: We have no position in Starbucks Corporation (NASDAQ: SBUX) and have not been compensated for this article.