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Starbucks hasn't disclosed which stores will be shuttered.
Starbucks reported that its U.S. operating profit fell more than 27 percent from the first quarter of last year. The company's stock price has slumped 40 percent over the past 12 months. Starbucks executives say a sagging economy and the credit crunch have cut into profits and slowed foot traffic in stores. However, Starbucks also has been a victim of its own success.
The number of Starbucks stores that have popped up like mushrooms across the American landscape has long served as a punch line for late-night comedians - and that rapid growth is hurting business...
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