Starbucks is closing 150 stores

The coffee chain Starbucks today announced plans to close 150 locations.

The 150 poorly performing company-operated cafés will be closed next year. That's about three times as many stores as Starbucks typically closes per year.

From CNN Money:

The company told investors late Tuesday that it expects same-store sales to grow just 1% for the quarter that begins next month, lowering its previous guidance. The stock slumped 3.5% in after-hours trading.

"Our recent performance does not reflect the potential of our exceptional brand and is not acceptable," Starbucks CEO Kevin Johnson said in a statement. "We must move faster to address the more rapidly changing preferences and needs of our customers."