Starbucks Corp. (SBUX) has put its money where its mouth is on Tuesday, May 29.
The coffee chain will close 8,000 company-owned stores in the U.S. Tuesday and conduct a mandatory four-hour anti-bias training session for some 175,000 employees. One analyst told TheStreet that the temporary shutdown could cost Starbucks some $6 million in lost sales.
The company's decision to conduct the training stems from an incident on April 12 at a Philadelphia store in which two black men were arrested while they were waiting for a friend to arrive. The incident was taped and went viral after it was released on social media. It spawned a public outcry of racism against Starbucks, apologies from Starbucks' current and former CEOs and a policy change in which guests are welcome to sit in a Starbucks and use the bathroom without buying anything.
The stock fell 1% to $57.34 at 11:53 a.m. ET. Year to date, the stock has declined 1.3%.
Folks took to Instagram to discuss the store closings.