The premium coffee caffeine buzz is wearing off. For the last three months Starbucks has taken a beating in what was the companies worst quarter yet, but they still bought their third corporate jet. Starbucks’ shares have plummeted 56% in the last year and last month they had a $45 million private jet delivered. What was Starbucks thinking? Obviously they weren’t thinkingÂ because this month Starbucks is trying to sell its new Gulfstream, 550. Starbucks’ new private jet has made only 15 flights, several of which were in Honolulu and Kona, Hawaii. Where Starbucks CEO Howard Schultz was taking a a two-week vacation. Schultz went on vacation while Starbucks announced the closing of 300 additional stores in January. Its ok because Starbucks has resolved to only keep one of its three jets as part of a new savings plan. Chief Financial Officer Troy Alstead said that Starbucks’ is aiming to save $500 million this year, well, good luck with that.
Apparently Starbucks’ ordered the 19-seat plane three years ago when yuppie America was all about premium Frappucinnos.Â As for the new Starbucks’ Gulfstream 550, â€œthe interior is tastefully completed in neutral tones of gray leather and gray cashmere. The Australian Walnut woodwork is high gloss finish and is enhanced with satin nickel plating throughout the aircraft.â€Â If you’re in the market for a basically brand new Gulfstream then buy Starbucks’s at a deal. The private plane that cost the coffee company about $45 million may be worth as little as $30 million, thanks to plunging market demand.