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Starbucks is closing hundreds of stores (about 1% of its North American locations) and laying off an additional 900 corporate employees as part of CEO Brian Niccol's restructuring plan. This follows 1,000 layoffs in February and aims to address underperforming locations and improve financial performance. The company expects the restructuring to cost $1 billion. While closing stores, Starbucks plans to remodel over 1,000 others and return to growth mode. Niccol's efforts to revive the chain, including menu changes and store updates, are facing some challenges.

Prepared by Christopher Adams and reviewed by editorial team.