Starbucks entered into a meteoric period of expansion that continued after the company went public in 1992. In 1996 it began opening stores outside North America, and Starbucks soon became the largest coffeehouse chain in the world. By the end of the decade, Starbucks had some 2,500 locations in about a dozen countries. Schultz announced in 2000 that he was stepping down as CEO but would remain as chairman. By 2007 the chain boasted more than 15,000 locations worldwide but was foundering, and in January 2008 Schultz returned as CEO. He oversaw the closure of 900 stores and implemented an ambitious strategy to secure new avenues of growth, which included acquisitions of a bakery chain and the makers of a coffee-brewing system as well as the introduction of an instant-coffee brand. He also oversaw changes to menu offerings at Starbucks stores; Starbucks had begun selling food in its cafés in 2003. These moves were largely successful, and by 2012 Starbucks had rebounded financially. Schultz again stepped down as CEO and was replaced as CEO by Kevin Johnson in 2017. Schultz continued to be active in the company, serving as executive chairman until 2018, when he was replaced by Myron Ullman. The world’s largest Starbucks, a Starbucks Reserve Roastery, opened in Chicago in 2019. In 2021 Starbucks had a presence in dozens of countries around the globe and operated over 32,000 stores.
