The BBC reports that Starbucks has closed some 2,000 of its China stores, or roughly half its fleet there, "to protect its staff and support government efforts to contain the coronavirus."
The coronavirus, which has symptoms that include fever, cough, shortness of breath and sometimes pneumonia, has caused China to close down more than a dozen cities as a way of containing spread of the disease, which reportedly has lead to the deaths of more than 130 people. There have been some 6,000 reported infections.
China represents about 10 percent of Starbucks' annual revenue.
- KC's View:
Starbucks isn't the only one. A ton of companies are pulling back their Chinese operations or considering it, including Apple and Toyota … which is going to have an impact on their financial results and especially their projections.