Starbucks has announced they will be closing 400 stores across the U.S. and Canada due to the financial fallout of the COVID-19 pandemic.

Bloomberg.com reports Starbucks is expecting a loss of possibly $3.2 billion this quarter.

Yesterday (06/09/20) Starbucks' stock fell 4.7% and has declined 6.3% so far this year.

However, Starbucks is continuing with the rollout of its new “pickup” store concept "with smaller-format locations that don’t have customer seating."

So far the locations of the Starbucks stores that will be closing haven't been made available, but we'll update this story once that information is released.

Read more at bloomberg.com.