Starbucks to close 150 stores

Starbucks says it will close 150 stores next year

The company told investors late Tuesday that it expects same-store sales to grow just 1% for the quarter that begins next month, lowering its previous guidance. The stock slumped 3.5% in after-hours trading. "Our recent performance does not reflect the potential of our exceptional brand and is not acceptable," Starbucks CEO Kevin Johnson said in a statement.