Outside of the potential job loss, I'm hard-pressed to view this as bad news.
UPDATE: Well, I'm an asshole. Initial reports were that job loss would be minimal, with employees being re-shuffled to other stores within their district. Not so much: the company is cutting up to 12,000 positions. Ouch.
On the other hand, the company's aggressive growth was unsustainable. And store closures may provide opportunities for indie shops to thrive, breaking Starbucks' monopoly grasp on neighborhoods.