It’s part a $1 billion restructuring plan.
Transcript:
Is your local Starbucks in jeopardy?
Maybe. The coffee giant says it will close about 1% of its North American stores.
Starbucks said it expects to finish September with 18,300 – and more than 40,000 locations globally.
At the same time, more than 1,000 stores will be remodeled with cozier chairs, extra outlets, and warmer colors.
The changes are part of a $1 billion “Back to Starbucks” transformation plan under CEO Brian Niccol. That includes 900 new layoffs, on top of the 1,100 cuts earlier this year.
The shake-up comes as Starbucks battles a six-quarter sales slump in the U.S., with demand for its pricey lattes cooling as consumers grow more selective and rivals turn up the heat.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m Caroline Woods with TheStreet.
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