Starbucks Closures Spark Layoffs, SBUX Stock Falls
Starbucks’ closing of stores across North America represents the coffee giant’s biggest restructuring move in years, with the company announcing plans to cut 900 corporate jobs and shut down hundreds of underperforming locations as part of a $1 billion overhaul. Starbucks closing stores will trim about 1% of the company’s footprint while SBUX stock keeps getting hit by declining sales and ongoing operational struggles. SBUX Stock Performance Chart – Source: Yahoo Finance Starbucks Store Closures, Layoffs, and SBUX Stock Pressure Explained Company Targets Poor-Performing Locations Starbucks News Blog Message – Source: Starbucks CEO Brian Niccol laid out the changes in a memo to workers, explaining how the company picked which locations would face Starbucks store closures. They looked at their North American stores and flagged ones that couldn’t meet customer standards or turn a profit. Niccol stated: “During the review, we identified coffeehouses...