Coffee shop brand Starbucks announced Thursday it will lay off 900 employees and close hundreds of stores as part of its “Back to Starbucks” transformation.
A Securities and Exchange Commission (SEC) filing found that Starbucks will have about 500 gross closures as part of its restructuring, which is roughly a one percent decline of its company-operated stores in North America.
Roughly 900 Starbucks employees will be laid off as part of its plan.
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CNBC reported:
Starbucks estimates that 90% of the expected $1 billion restructuring cost will be attributable to the North America business. In…
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