Starbucks has become the latest company to announce it's closing down stores due to major financial losses during the pandemic. 

The coffee giant has revealed plans to restructure their business in Canada over the next two years, with the potential of up to 200 stores being shuttered. 

In an SEC filing released today, the company admitted that the pandemic has presented 'unprecedented circumstances' for its business.

“We will restructure our company-operated business in Canada over the next two years, with the potential of up to 200 additional stores being closed, with some of those stores being repositioned,” detailed the filing.

The coffee chain also plans to shut up to 400 stores across the U.S. over the next 18 months. 

Although around 88 per cent of Starbucks stores have now re-opened in Canada, temporary closures at the beginning of the pandemic have lead  the company to predict that third-quarter revenue will fall by as much as $3.2 billion (USD).

But it's not all bad news for coffee lovers. Starbucks have also revealed their plans to open more grab-and-go locations in order to capitalize on convenience and speed. 

The company say that innovative store formats will allow them to "enhance the customer experience, expand our retail presence and enable profitable growth for the future."