the coronavirus crisis
Starbucks closes 2,000 stores in China over coronavirus outbreak
In response to the Wuhan coronavirus outbreak, Starbucks has closed more than 2,000 stores in China.
The flu-like virus originated in the Chinese city of Wuhan, and there are more than 4,500 confirmed cases; at least 130 people have died. Starbucks is the world's largest coffee chain, and China is the company's biggest growth market, making up 10 percent of its global revenue, Reuters reports. There are 4,292 Starbucks locations in China, and the stores that are staying open have revised operating hours.
The company does expect this to temporarily affect its finances. Due to its strong quarterly earnings, Starbucks had planned on giving an update on its 2020 financial forecast, but that has been delayed because of the outbreak, Reuters says.