Apparently the new logo wasn't enough:

Starbucks to close 600 stores in the U.S.

Company greatly increases plans for store closures amid weak economy
By Allison Linn
Senior writer
updated 5:29 p.m. CT, Tues., July. 1, 2008

The old joke that there's a Starbucks on every corner may soon not ring quite as true.

Starbucks Corp. said Tuesday that it has drastically increased the number of stores it plans to close and could eliminate as many as 12,000 full- and part-time positions as a result.

The company said it now plans to close 600 company-operated stores in the United States, up from its previous plans to close 100 stores.
Starbucks also said it will open fewer than 200 stores in its coming fiscal year, which begins Sept. 29. That's down from a previous target of opening 250 stores during that period.

In a filing with the Securities and Exchange Commission, the company said the job cuts represent about 7 percent of Starbucks' global workforce. Still, Starbucks said it expects many workers to find jobs in nearby stores.

The Seattle-based gourmet coffee retailer said in a conference call with analysts that the stores it decided to close were not profitable and that many had opened in the last few years. In addition, Chief Financial Officer Pete Bocian said the vast majority were located close to another Starbucks store.

The closures will account for 8 percent of all company-operated U.S. stores, and will leave the company with about 6,600 U.S. outlets, Bocian said. He said the stores closings will begin in late July and are expected to happen over a period of months.

There are currently more than 16,000 Starbucks stores worldwide.

/quote: more at the link

John