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

Core Insights - Starbucks is laying off approximately 900 non-retail employees and plans to close an unspecified number of stores in the U.S. and Canada as part of a strategic turnaround effort [1][2] - A review indicated that many Starbucks locations are not meeting financial performance targets or customer expectations, prompting these actions [2] - The company anticipates ending its fiscal year with 18,300 stores in North America, a decrease of 124 stores from the previous year, marking a rare instance of a reduction in store count during a fiscal year [3] Company Strategy - CEO Brian Niccol, known for his turnaround expertise, was brought in to revitalize Starbucks, similar to his successful tenure at Chipotle where he significantly increased revenue and profit [4] - The company will provide severance and support packages for the employees affected by the layoffs [4]