US EditionStarbucks to close stores, cut 900 jobs in $1B restructuring
Starbucks will cut 1% of North American stores and lay off 900 non-retail employees, spending $1 billion on restructuring to improve financial performance, CEO Brian Niccol said.
- On Thursday, Starbucks CEO Brian Niccol announced a $1 billion restructuring that includes closing 1% of corporately owned stores in North America.
- Facing slowing sales and tougher rivals, Niccol told employees the moves are part of the 'Back to Starbucks' turnaround plan to revitalize stores and support customers and partners.
- The company will eliminate about 900 non-retail roles, with about $150 million for severance and $450 million for lease exit costs, Starbucks said.
- Affected employees will be notified Friday about eliminations with severance, corporate staff were asked to work from home Thursday, and some Reserve Roastery locations in Seattle closed immediately.
- Over the next 12 months, Starbucks plans to uplift more than 1,000 locations and invest over $500 million in 'Green Apron Service,' primarily in North America, according to Starbucks leadership.
400 Articles
400 Articles
Starbucks closing some locations in DC area amid corporate layoffs
Multiple Starbucks locations in the D.C. area will close as the company lays off 900 nonretail employees and spends an expected $1 billion on turnaround efforts. News4 spotted closing signs on the locations at: “We’ve made the incredibly difficult decision to close this Starbucks location by the end of this week,” signs posted on the windows said. “We know this...
Can Starbucks $1 Billion Restructuring Plan Fix the Coffee Giant’s Slump?
Key Points Starbucks (SBUX) has faced multiple turnaround efforts without lasting success. Brian Niccol’s hiring from Chipotle Mexican Grill brought hope for a strong recovery. The $1 billion restructuring, with closures and layoffs, highlights deeper challenges. Are you ahead, or behind on retirement? SmartAsset’s free tool can match you with a financial advisor in minutes to help you answer that today. Each advisor has been carefully vette…
Starbucks to Cut 900 Jobs, Shutter Underperforming Stores
This article was originally published by The Epoch Times: Starbucks to Cut 900 Jobs, Shutter Underperforming Stores Starbucks will eliminate approximately 900 jobs and close underperforming stores in North America as part of corporate restructuring efforts, the company announced on Sept. 25. Since taking over in 2024, CEO Brian Niccol has been overhauling operations to revitalize the brand. The overhaul includes a “Back to Starbucks” strategy, …
Coverage Details
Bias Distribution
- 68% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
