Newly imposed U.S. tariffs, weaker consumer spending, and rising costs have put immense pressure on businesses that rely on imported goods. Due to these challenges, many retailers have been forced to restructure and cut costs, leading to a wave of store closures over the past several months. Now, another well-known retailer is feeling the impact of the uncertain economy. The iconic outdoor and lifestyle brand Orvis will permanently close 36 locations in 2026, including 31 stores and five outlets. It pla ...

LOGIN SUBSCRIBE | FastCo Works advertisement BY Christopher Zara Julie Masino, the restaurant chain's CEO, addressed the logo controversy in an earnings call on September 17, saying it underscored deeply held feelings and a love for the brand among fans. The company reverted back to its old branding and halted a planned remodeling of some of its restaurants in the wake of intense backlash that followed the logo change. Maple Street Biscuit Company, founded in Jacksonville, Florida, in 2012, largely escape ...

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]

Group 1 - The number of job cuts announced in the first five months of 2025 increased by 80% compared to the same period in 2024, totaling approximately 696,000 job cuts [1][2] - Job cuts are only 65,000 away from matching the total for all of 2024, which was just over 385,000 [1] - Economic and market conditions, along with federal funding cuts, are significant factors contributing to the increase in layoffs [2][4] Group 2 - Retail job cuts reached nearly 76,000 for the year, marking a 274% increase over 2024, making it the second-highest industry for job cuts after the federal government [4] - Store closures have been a major contributor to job losses, with several retailers shutting down locations due to economic pressures [6] - Notable retailers such as JCPenney, Macy's, and Forever 21 have announced store closures, with Forever 21 winding down its business primarily due to competition [7][8]