Starbucks is closing more stores and laying off 900 workers
Summary
Starbucks is closing about 200 stores and laying off 900 corporate employees in the U.S. and Canada as part of a strategy to improve the company. The CEO, Brian Niccol, aims to enhance customer experience by investing in new store openings and making current stores more appealing to customers. Recent changes have not yet improved the company’s financial performance significantly.Key Facts
- Starbucks will close roughly 200 stores in the U.S. and Canada.
- The company will lay off 900 corporate employees as part of a turnaround plan.
- Starbucks plans to finish the fiscal year with nearly 18,300 locations in these regions.
- The company’s strategy includes opening new stores and renovating over 1,000 existing ones.
- This is the second wave of layoffs following 1,100 job cuts in February.
- CEO Brian Niccol, who joined from Chipotle, aims to improve customer experience by speeding up service and upgrading store designs.
- Starbucks has reported declining sales for six consecutive quarters.
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