Starbucks closes stores, reconsiders 401k, buys a new Jet?
I saw that Sarah Allen also blogged about this. Interesting purchase considering the company has told their employees they may reconsider their existing 401k plan, and have been announcing the closer of hundreds of stores. It's not my place to critique how a business spends money, but when you are in the public eye as much as sbux is things like this will be questioned.
The article does state that the jet was ordered 3 years ago, and I realize things have changed since then, but probably not the best time to go thru with the deal.
Read full Article from Seattle Times
The article does state that the jet was ordered 3 years ago, and I realize things have changed since then, but probably not the best time to go thru with the deal.
Read full Article from Seattle Times
Replies to This Discussion
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Permalink Reply by scott@herkimercoffee.com on
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compounds. like interest.
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Permalink Reply by John P on
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As much as we like to bang on Starbucks, the jet purchase and store closings have no relationship whatsoever. Canceling the position would have been good PR, but terrible business. If they canceled the order, it would result in further losses, and more negative impact on the bottom line. However, on that note, they could have sold their position, "right" for that jet to one of many businesses who don't want to wait the four years to get their corporate jet, and made probably a 10-15 million dollar profit. It's one of many poor business decisions.
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