Published July 12, 2018 Markets Motley Fool Facebook Twitter Comments Print Starbucks’ (NASDAQ: SBUX) recent announcement that it would eliminate plastic straws from its restaurants by 2020 elicited a collective shrug from Wall Street as the stock ticked up 2% on average volume on an up day for the market, but the decision could be an important catalyst for the coffee king at a time when it desperately needs one. Starbucks shares recently sunk to a three-year low after the company said in June it would close 150 underperforming U.S. stores this year, and cut its global same-store sales growth forecast to 1% for the current quarter. That news followed longtime chief Howard Schultz’s decision to step down as chairman just months after he relinquished the CEO title to Kevin Johnson. The company is still trying to repair damage to its reputation from an embarrassing racial-bias episode in Philadelphia in April that led to calls for boycotts of the coffee chain. Starbucks responded by closing all its U.S. stores simultaneously for an afternoon of mandatory racial-bias education for all employees. Continue Reading Below The plastic straw ban gives the company a chance to shift the discussion around its brand, and… Read full this story
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