Coffee shop chain Starbucks has closed 2,000 of its branches in China in an effort to protect its staff and support government initiatives to address the coronavirus outbreak.
Starbucks, which has nearly 4,300 outlets in China, decided to close down half of its branches in the country amidst the coronavirus outbreak. China is the company's largest market outside of the US.
At least 132 people have died and almost 6,000 cases have been confirmed in mainland China, as the coronavirus outbreak spreads into more countries around the world.
The new coronavirus, also known as 2019-nCoV, is believed to have originated in Wuhan, China, and spread into more than a dozen nations globally.
The firm warned that the spread of the virus would likely impact its financial performance. Starbucks chief executive officer (CEO) Kevin Johnson said the company was "navigating a very dynamic situation".
Starbacks previously expressed plans to upgrade its annual profit forecasts after a better-than-expected first quarter performance but decided against changing its projections due to the virus.
Starbucks opened its first Chinese store in Beijing in January 1999 and currently, Chinese sales account for about 10% of its global revenue, making the country its most important global growth engine.
Toyota close down Chinese plants
In response to the coronavirus outbreak, automobile maker Toyota closes down its production plants in China.
Toyota announced that its production plants in China will stay closed until February 9, in line with the transport lockdowns implemented by Chinese authorities and as it assesses its supply chain.
The car manufacturer has plants in the northern city of Tianjin and the southern province of Guangdong.
Companies in China have advised staff to work from home as part of an effort to slow the spread of the coronavirus. Businesses are also offering workers longer holidays and instructing employees returning from the most affected areas to stay away from work.
