Starbucks closing stores and laying off 7% of their workforce!

I came across this article today and I was really bummed to find out that our economy is in as bad of a state as it is.  Starbucks announced that is was going to close 500 stores and lay off 7% of their work force.  The article insinuates this is because of weakened consumer spending, in addition to companies like McDonalds encroaching on their market share.  It makes me worried about what lays ahead as energy prices continue to rise--and there doesn't seem to be an end in sight.  I think I have been spending a little more than normal (the summer sales and the fact that I have lost some weight and not all my clothes fit).  I just thought this was sad, since Starbucks is one of my favorite companies, headquartered in Seattle (where I live), and of course it reinforces my worries the economy is just going to get worse.