Starbucks will close stores amid increasing growth issues. Photo: Atilgan Ozdil/Anadolu Agency via Getty Images

Starbucks announced it will be closing 150 stores in the next fiscal year after Chief Executive Officer Kevin Johnson said the company's growth isn't moving fast enough, reports Bloomberg.

The details: The company's comparable sales are projected to rise just 1% for the quarter, down nearly 2% from expectations. The company is also having a rough quarter in China — where it hopes revenue will triple over the next five years — with sales either flat or slightly negative.

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