In a move to try and reduce the bleeding, 300 Starbucks store closings were announced today. All told, more than 6,700 jobs will be lost. This is in addition to to the 600 store closings that Starbucks closed in July, 2008.

Net income for Starbucks has fallen 69% in 2008, forcing the latest moves.

The stores being closed include 200 in the U.S. and 100 overseas. This means 6,000 store employees will be axed, as well as 700 corporate jobs.

Howard Schultz, the Seattle based Starbucks CEO, has asked the board to reduce his current $1.8 million dollar salary to $10,000. He is also selling one of the two corporate jets to help cut expenses.

The market for premium coffee is falling like a rock as customers are cutting back in discretionary expenses like coffee.

According to retail analyst Patty Edwards of Storehouse Partners, “I’m hoping 300 stores is enough, and that they’ve done what they need to do. Slow drip, even in coffee, isn’t necessarily the best thing. Sometimes you just need to get the pain over with.”