Starbucks to close hundreds of stores, lay off 900 workers as part of turnaround plan

"Each year, we open and close coffeehouses for a variety of reasons, from financial performance to lease expirations,"

"This is a more significant action that we understand will impact partners and customers. Our coffeehouses are centers of the community, and closing any location is difficult."

Starbucks is closing hundreds of stores in the U.S., Canada and parts of Europe and eliminating 900 nonretail positions as part of a turnaround. Store closures begin immediately, with affected baristas offered severance packages and possible transfers. The company reported 18,734 locations as of June 29 and expects 18,300 North American locations at fiscal year end. An analyst estimated about 500 North American closures in the quarter. Some locations in the U.K., Austria and Switzerland will close. Nonretail employees will be notified of eliminated positions, remote-capable staff were asked to work from home, and the company plans $1 billion in restructuring costs.

Read at The Mercury News