"Starbucks said Thursday it's closing hundreds of U.S. and Canadian stores and laying off 900 nonretail employees as it focuses more of its resources on a turnaround. The Seattle coffee giant said store closures would start immediately. The company wouldn't give a number of stores that are closing, but it said it expects to have 18,300 North American locations when its fiscal year ends on Sunday, which is 124 fewer than it had at the end of its 2024 fiscal year."
"Starbucks said it expects to spend $1 billion on the restructuring, including $150 million on employee separation benefits and $850 million related to the physical store closing and the cost of exiting leases. Starbucks shares were down less than 1% in morning trading Thursday. It was not immediately clear how many of the stores that are closing are unionized. Workers at 650 company-owned U.S. Starbucks stores have voted to unionize since 2021, but they have yet to reac"
Starbucks is closing hundreds of U.S. and Canadian stores immediately and laying off 900 nonretail employees while reallocating resources toward a turnaround. Store employees affected will be offered transfers where possible and severance; nonretail employees will be notified and remote-capable staff were asked to work from home. The company expects 18,300 North American locations at fiscal year-end, 124 fewer than the prior year. Stores without a path to financial stability or unable to provide the expected physical environment will be closed. The restructuring is expected to cost $1 billion, including $150 million in separation benefits and $850 million for store closing and lease exit costs.
Read at Boston.com
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