starbucks closing down

Starbucks is closing down as many as 200 stores in Canada

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."

Lead photo by

Fareen Karim

Latest Videos

Join the conversation Load comments

Latest in Food

Canada's most famous Newfoundland store has closed and been replaced

Restaurant in Canada fined almost $1K for illegal patio tent

Restaurants are boycotting Nova Scotia lobster in support of Indigenous fishers

Nightclub in Canada agrees to close after video shows packed dance floor

Canada's most famous taco restaurant permanently closes

This restaurant in Canada might have the first perogy drive-thru in the world

Ontario restaurant threatened by lawsuit by man not wearing mask

Workers form a human chain at No Frills to strike over low wages