The combination of store closures and a 27-32% cut to net new store opening guidance signals a significant strategic retrenchment in North America. Monitor upcoming quarterly earnings for the actual financial impact of the charges and any further revisions to the store portfolio strategy.
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Executive Summary
Starbucks announced the closure of approximately 1% of its North America store portfolio (~180 stores) as part of its 'Back to Starbucks' strategy, incurring ~$300M in restructuring charges. The company also slashed its FY2026 net new store opening guidance from 600-650 to ~440, reflecting the closures partially offset by international growth.
Key Facts
- Board approved further actions under the 'Back to Starbucks' strategy on September 22, 2026.
- Approximately 1% of more than 18,000 North America coffeehouses will be closed (~180 stores).
- Total restructuring charges of approximately $300 million: ~$200 million cash (lease exit costs, employee separation benefits) and ~$100 million non-cash (disposal and impairment of assets).
- Majority of closures expected by end of fiscal year 2026; significant portion of charges incurred in FY2026.
- FY2026 net new global store openings guidance reduced to approximately 440, down from prior guidance of 600 to 650.
- Approximately 250 closures in North America, partially offset by higher net new openings in International markets.
Financial Impact
Approximately $300 million in total restructuring charges, with ~$200 million in cash charges and ~$100 million in non-cash charges.
Risk Factors
- Execution risk associated with closing ~180 stores and managing lease exit costs.
- Potential for further store closures or additional restructuring charges if the portfolio review expands.
- Reduced store growth may pressure long-term revenue growth expectations.
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000829224-26-000145 |
| Document: 0000829224-26-000145-index-headers.html | 0000829224-26-000145 |
| Document: 0000829224-26-000145-index.html | 0000829224-26-000145 |
| Document: 0000829224-26-000145.txt | 0000829224-26-000145 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 24, 2026 4w ago | 8-K | $93.65 | awaiting T+60 | awaiting T+60 | $103.04 (−10.03%) |
Sep 16, 2026 5w ago | ANALYST-UPGRADE | $97.34 | awaiting T+60 | awaiting T+60 | $103.04 (+5.86%) |
Jun 23, 2026 18w ago | Court Ruling | $103.53 $95.83 | ▼ −7.44% | ▼ −11.32% | $103.04 (−0.47%) |
Jun 14, 2026 19w ago | Institutional Cluster | $101.59 $100.04 | ▼ −1.53% | ▼ −2.53% | $103.04 (+1.43%) |
Jun 12, 2026 19w ago | 8-K | $101.59 $100.04 | ▼ −1.53% | ▼ −2.53% | $103.04 (+1.43%) |
Jun 11, 2026 19w ago | Institutional Cluster | $102.28 $104.47 | ▲ +2.14% | ▼ −2.25% | $103.04 (+0.74%) |
May 26, 2026 22w ago | Court Ruling | $102.10 $107.08 | ▲ +4.88% | ▲ +2.84% | $103.04 (+0.92%) |
May 20, 2026 22w ago | 8-K | $104.11 $107.77 | ▲ +3.52% | ▼ −0.52% | $103.04 (−1.02%) |
May 18, 2026 23w ago | Court Ruling | $106.38 $107.69 | ▲ +1.23% | ▼ −4.58% | $103.04 (−3.14%) |
May 15, 2026 23w ago | 8-K | $106.76 $106.65 | ▲ +0.10% | ▲ +4.35% | $103.04 (+3.48%) |
US Market Status
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