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And don't miss Sarah Halzack on Starbucks's crisis management: "Johnson has demonstrated he takes this episode seriously. He issued an apology video. He traveled to Philadelphia to meet with the arrested men, as well as the city’s mayor and police commissioner. And most notably, the company announced Tuesday afternoon that it would close more than 8,000 of its stores for part of a day next month so employees can attend racial-bias training. The store closure should only cost Starbucks about $16.7 million in lost sales, Bloomberg News estimates -- hardly a venti-sized dent in the balance sheet of a company with $22 billion in annual revenue. But it’s still a sweeping and unusual action -- which is precisely what Starbucks needed in this moment."

This column does not necessarily reflect the opinion of Bloomberg LP and its owners.

Max Nisen is a Bloomberg Gadfly columnist covering biotech, pharma and health care. He previously wrote about management and corporate strategy for Quartz and Business Insider.

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