Starbucks announces corporate layoffs for restructuring

Starbucks CEO Brian Niccol has announced plans to eliminate corporate jobs as part of a broader strategy to optimize support teams and revitalize the company. The layoffs, set to be communicated by early March, will not affect in-store employees or the investments in store hours. Niccol emphasized the need for clearer ownership and accountability within the organization, stating that the current structure has slowed operations due to excessive layers of management. The company has been facing declining sales and increased competition, prompting Niccol's efforts to enhance customer experiences and operational efficiency. Initiatives introduced since his appointment in September include improving in-store amenities and reducing wait times for customers. Analysts view these changes as a crucial step in Starbucks' turnaround strategy amid ongoing challenges in the U.S. and Chinese markets.