Debt Restructuring - A group of international creditors initiated restricted talks with Ethiopia to restructure a $1 billion defaulted bond [1] Financial Risk - Ethiopia defaulted on a $1 billion bond, indicating potential financial distress [1]

Starbucks says it's going to lay off 900 employees and close a couple of hundred stores after already laying off a thousand corporate employees earlier this year. It is all coming as Starbucks makes this push to remodel its stores and become a hangout spot for customers. ...

We mentioned Starbucks approving a restructuring plan that includes job cuts and store closures. Let's talk about that with Bloomberg. Shelly Banjo.She's our managing editor for Global Business. And Shelly, this is Brian Nichols, second round of job cuts since he took over a little over a year ago. Since then, Starbucks shares are down 6%.So like, is he going to finally do something to make these moves in the right direction. I think that's what investors are hoping. We saw the shares pretty much flat on th ...

Core Viewpoint - Starbucks is implementing a $1 billion restructuring plan that includes laying off approximately 900 staff and closing around 100 cafes in North America to address declining sales and improve its business performance [1][2][4]. Group 1: Restructuring Details - The restructuring will affect 900 employees in "non-retail" roles and will result in the closure of 1% of Starbucks' coffee houses in North America [2]. - The company previously eliminated 1,100 corporate positions earlier this year and will also close many open or vacant positions [1][2]. - The restructuring costs are primarily attributed to the North American business, with $150 million expected in employee separation costs and $850 million related to store closures [4]. Group 2: Business Performance - Starbucks has experienced a decline in US sales for six consecutive quarters, attributed to consumers being cautious about spending amid prolonged inflation [2]. - The CEO emphasized that the restructuring is necessary to reinforce successful strategies and build a stronger, more resilient company [3]. Group 3: Union Relations - Over 650 Starbucks stores in the US have unionized, with ongoing negotiations for a first union contract facing challenges [5]. - The union has criticized the company's restructuring efforts and threatened further strikes to push for a contract [6]. - The CEO did not address union organizing efforts in his communication, despite the ongoing tensions [5].

Starbucks just filing an 8K that says its board has approved a restructuring plan that will involve the closure of coffee houses and further transformation of the company's support organization as part of its back to Starbucks strategy under CEO Brian Nickel. The company expects that a majority of store closures are going to be completed by the end of the fiscal year and estimates that it will incur approximately a billion dollars related to the store closures support organization transformation and other r ...

Starbucks the job cuts will be in non-retail positions, and many open positions will be closed. ...

Restructuring Plan - Starbucks' board approved a restructuring plan involving coffee house closures and support organization transformation [2] - The restructuring is part of the "Back to Starbucks" strategy under CEO Brian Nickel [2] - The company anticipates the majority of store closures will be completed by the end of the fiscal year [2] - Starbucks expects to incur approximately $1 billion USD related to store closures, support organization transformation, and other restructuring activities [2] - Approximately 90% of these expenses will be attributable to the North America business [3] - Overall company-operated stores in North America will decline by about 1% in fiscal year 2025, accounting for both openings and closures [3] - A significant portion of these charges will be incurred in fiscal year 2025 [3] Strategic Focus - The "Back to Starbucks" strategy focuses on revitalizing coffee houses and enhancing the customer experience [4] - Starbucks assessed its existing store portfolio based on the viability of offering a physical environment consistent with the brand and a clear path to financial performance, closing those that do not meet the criteria [4] - The company is working to build a stronger and more resilient Starbucks, prioritizing investment closer to the coffee house and the customer [5] - Starbucks is restructuring its support organization [5] - Starbucks is moving away from mobile-only stores to provide a different consumer experience [7] Workforce Adjustments - Starbucks is laying off 900 more corporate workers [6] - Starbucks laid off approximately 2,000 corporate headquarters employees earlier in the year [6] Cafe Improvements - Starbucks is projecting approximately 1,000 cafe revamps in the coming year [7]

In the meantime, we've got some news from Starbucks this morning. Let's get right over to Kate Rogers. She's got the latest on that.Hi, Kate. >> Hi, Becky. Starbucks just filing in 8K that says its board has approved a restructuring plan that will involve the closure of coffee houses and further transformation of the company's support organization as part of its back to Starbucks strategy under CEO Brian Nickel. The company expects that a majority of store closures are going to be completed by the end of th ...

Starbucks will close stores and eliminate 900 jobs in a $1 billion restructuring effort https://t.co/6Bab7RTr63 ...

Restaurant chain owner FAT Brands and its creditors are working with advisers to discuss a potential restructuring of its roughly $1.2 billion of whole business securitization debt, according to sources https://t.co/AHOdmfNdsH ...