Just after the chocolate industry and cocoa makers felt a pinch, the coffee industry has no capital left in its coffers!
The biggest coffee seller in the world, Starbucks announced a month ago that it would close around 600 Starbucks coffee stores and in turn, push out 12,000 employees. With the recession coming and subprime crisis looming, and American spending on restaurant and coffee shops declining, its no wonder that many competitors of Starbucks may follow suit.
Democrats, led by house speaker have gone to the extent of saying that when they come in power, they would "seriously consider nationalizing the coffee industry to ensure the free flow of java at fair prices.”
Don't think that just because its big it is affected. Smaller, and much younger cousings of Starbucks too face a similar situation : The Beanscene chain of coffee shops, which has all of 14 stores and 142 staff is up for grabs after a similar condition of gloominess in England and other parts of the world.This was a month ago. But....
Just yesterday, about 150 parties expressed interest in buying the coffee seller. Seems like a reversal in coffee maker's fate and coffee industry.
What are your says on the same. Is the coffee industry going down, or its caught its breadth and is on the rise once again? Comment, or participate in our poll!!