Starbucks Will Close 1% of Stores, Cut 900 Jobs

Core Viewpoint - Starbucks has approved a restructuring plan that includes job cuts and store closures, marking the second round of job cuts since the new leadership took over, with shares down 6% since then [1] Group 1: Restructuring Plan - The restructuring plan involves significant job cuts and the closure of underperforming stores, which investors hope will lead to a more efficient operation [1][2] - The company plans to refurbish about 1,000 stores and aims to start building new locations next year [3] Group 2: Investor Sentiment - Investors are looking for deeper cuts and a more comprehensive approach to right-sizing the store portfolio [2] - There is skepticism regarding the effectiveness of the current turnaround measures, as the company has made several announcements that may not address core operational issues [4] Group 3: Financial Implications - The restructuring will incur costs of approximately $1 billion, which may negatively impact public perception due to job losses and store closures [5] - The company faces challenges in executing the restructuring while maintaining customer engagement and brand reputation [5]