<h2 class="topline-heading">Topline</h2><p>Starbucks announced a massive $1 billion restructuring effort, CEO Brian Niccol announced in a letter to employees on Thursday, which will include closing 1% of stores in North America by the end of the fiscal year, cutting about 900 non-retail jobs, and renovating more than 1,000 coffee shops over the next year.</p><figure class="embed-base image-embed embed-0" role="presentation"><div class="image-embed__placeholder"><img src="https://specials-images.forbesimg.com/imageserve/68d53ebf45ce655584a2e945/Starbucks-Signage/960x0.jpg?cropX1=0&amp;cropX2=2110&amp;cropY1=108&amp;cropY2=1296" alt="Starbucks Signage" width="100%" height="auto"></div><div style="--article-bg-color:#faf3f1"><div class="bMqrj"><div class="Jp--BF7-"><span style="-webkit-line-clamp:2" class="Ccg9Ib-7 _8XF2kHYM">The company will also renovate more than 1,000 stores over the next year, CEO Brian Niccol said.</span></div><small class="pGGCM2aD">Gado via Getty Images</small></div></div></figure>

<div class="key-facts-element"><p><em>This is a breaking story and will be updated.</em></p></div>

The company will also renovate more than 1,000 stores over the next year, CEO Brian Niccol said.{ai:summary}<p>Starbucks to spend $1B on restructuring, closing about 1% of North American stores by year-end.</p><p>It will cut ~900 non-retail jobs and renovate more than 1,000 shops over the next year, per CEO Brian Niccol. #economy</p>

Starbucks Announces Store Closures and Layoffs

Topline

Loading...