Starbucks to close underperforming stores in restructuring efforts
Summary
Starbucks plans to close some of its underperforming stores in North America as part of a restructuring effort led by CEO Brian Niccol. The goal is to cut costs and revive declining sales, with hundreds of stores expected to close by the end of the 2025 fiscal year.Key Facts
- Starbucks will close some stores in North America to improve its business.
- The store closures are part of a $1 billion restructuring plan.
- CEO Brian Niccol wants to bring back a traditional coffeehouse feel to the stores.
- By 2025, Starbucks expects its store numbers in the US and Canada to decrease by about 1%.
- Approximately 900 workers at Starbucks might be affected by these closures.
- A flagship unionized store in Seattle and another in Chicago are among those closing.
- Talks between Starbucks and the Workers United union, representing over 12,000 baristas, have stalled.
- Starbucks-related jobs were also impacted earlier this year with 1,100 company-wide corporate job cuts.
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