Starbucks to close hundreds of stores, lay off 900 workers as part of turnaround plan
Starbucks is closing hundreds of US and Canadian stores and laying off 900 non-retail employees as part of a restructuring plan aimed at improving financial performance. The closures, starting immediately, will reduce the North American store count by approximately 124 by the end of the fiscal year. Starbucks cited financial instability and inadequate customer environments as reasons for the closures. The company will invest $1 billion in the restructuring, including severance packages for affected employees. The union representing Starbucks workers criticized the decision, claiming it lacked input from baristas. Starbucks maintains that unionization was not a factor in store closure decisions.
Reviewed by JQJO team
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