Starbucks $1B Restructuring Cuts 900 Jobs

Starbucks will cut roughly 900 non‑retail jobs and plans an undetermined number of U.S. and Canadian store closures as part of a board‑approved roughly $1 billion North American restructuring. The company said about $150 million is earmarked for employee separations, $400 million for disposal and impairment of store assets, and about $450 million for accelerated lease‑related costs. CEO Brian Niccol said a review found many stores underperforming or unable to deliver expected physical environments and that Starbucks will phase out some pickup‑only locations. Affected employees will be notified early Friday and offered severance and support packages; Starbucks expects to finish the fiscal year with about 18,300 North American stores (roughly a 1% decline, or down about 124 year‑over‑year). The moves are part of Niccol’s “Back to Starbucks” turnaround plan to revive sales after multiple quarters of same‑store declines.