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S&P: Starbucks unchanged
Standard & Poor's said its ratings on Starbucks Corp. (BBB+/Watch negative/A-2) are unchanged but remain on CreditWatch with negative implications after the company's announcement today that it will be closing 61 of its 84 Australian stores as part of a restructuring initiative.
Starbucks also announced a realignment of its executive leadership team and the elimination of 1,000 positions within the company, the agency said.
S&P noted that it initially placed the ratings on CreditWatch on July 2, after the company announced the closure of 600 underperforming U.S. stores.
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