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Starbucks Corp. suffered its biggest stock decline in almost two years after cutting its forecast, renewing fears about sputtering growth at the world’s largest coffee chain.

The shares dropped as much as 8.2 per cent to US$54.63 in New York, the biggest intraday plunge since August 2015.

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Slowing growth in the U.S. forced Starbucks to cut its profit forecast for the fiscal year. The company also admitted defeat in its effort to run a chain of tea shops, saying it will shutter its Teavana stores, a move that will eliminate 3,300 jobs.

The first Teavana stores to close will be in Canada and will do so by the end of September, the company said in a statement.

The tepid outlook adds the pressure on Chief Executive Officer Kevin Johnson to accelerate growth in China, which the company is increasingly targeting as a key market. On Thursday, Starbucks announced plans to buy out its East China joint venture for US$1.3 billion, the biggest deal in the company’s history. This will allow it to take full control of 1,300 cafes in the world’s most populous country, where it sees a nascent coffee culture becoming a huge market.