The Oxford St Starbucks will be one of 61 stores to close as the company begins a process of nationwide restructuring.

It was announced on Tuesday night that Starbucks would be shutting 61 stores across the country, leaving just 23 stores open in capital cities.

In a statement issued by the company’s PR firm, Starbucks president and CEO Howard Schultz said the closures were necessary to further the company’s international growth.

In January 2008 we developed strategies to transform the company for the future. We believe that this difficult, yet necessary decision to close stores in Australia will help support the continued growth of our international business, Schultz said.

This decision represents business challenges unique to the Australian market. There are no other international markets that need to be addressed in this way.

The Oxford St Starbucks will say goodbye to the strip with an all-day party from 8am-midnight Saturday.

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