Starbucks Announces Major Restructuring: 900 Jobs Cut in $1 Billion Plan
Starbucks unveiled a sweeping $1 billion restructuring plan on Thursday. This massive overhaul includes the elimination of 900 corporate positions and the closure of roughly 1% of its North American outlets.
CEO Brian Niccol’s strategic turnaround plan is designed to shift resources closer to stores and customers. This move comes as the coffee behemoth grapples with six successive quarters of dwindling same-store sales.
The company plans to shutter around 400 underperforming locations. Simultaneously, it will invest in the remodeling of over 1,000 stores. The goal is to cultivate a more welcoming coffeehouse ambiance.
This is the second wave of layoffs under Niccol’s stewardship. It follows the earlier dismissal of 1,100 employees earlier this year.
Source: CNBC