Starbucks to lay off 900 workers, close stores in North America
6 hours ago
- #Starbucks
- #Layoffs
- #Restructuring
- Starbucks announces layoffs of 900 non-retail employees in North America.
- The company will close approximately 1% of its North American stores as part of a $1 billion restructuring plan.
- CEO Brian Niccol cites the need for a 'better, stronger, and more resilient Starbucks' in a memo to employees.
- Store closures target locations unable to meet customer and partner expectations or achieve financial performance.
- Starbucks has faced six consecutive quarters of declining same-store sales amid elevated inflation.
- The company plans to end fiscal year 2025 with 18,300 stores in the U.S. and Canada.
- Affected employees may be relocated to other stores or offered comprehensive severance packages.