Connect with us

Hi, what are you looking for?

Economy

Starbucks to lay off 1,100 corporate workers as sales sag

Starbucks will lay off 1,100 corporate employees and will not fill several hundred other open positions, the coffee chain’s CEO Brian Niccol said Monday.

The cuts will not affect workers at the company’s cafes.

In a message to corporate employees, Niccol said Starbucks is “simplifying our structure, removing layers and duplication and creating smaller, more nimble teams.”

“Our intent is to operate more efficiently, increase accountability, reduce complexity and drive better integration,” Niccol wrote. “All with the goal of being more focused and able to drive greater impact on our priorities.” 

The layoffs come as Starbucks tries to draw coffee drinkers back to its cafes after same-store sales declined for four straight quarters. As customers turn to cheaper rivals in Starbucks’ two largest markets, the U.S. and China, Niccol has tried to revamp operations since he took the helm of the company last year, including by speeding up service.

Starbucks had about 16,000 employees who work outside of store locations as of last year. The cuts will affect people who work in corporate support, but not roasting, manufacturing, warehousing and distribution.

This post appeared first on NBC NEWS
Enter Your Information Below To Receive Free Trading Ideas, Latest News And Articles.

    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like

    Stock

    In this video from StockCharts TV, Julius examines the theoretical sector rotation model and aligns it with current state of sector rotation on Relative...

    Stock

    In this edition of StockCharts TV‘s The Final Bar, Dave uncovers strength in SQSP using the Stochastics Oscillator and the StochRSI indicator. He shares...

    Latest News

    Independent presidential candidate Robert F. Kennedy, Jr. has revealed what he says is his path to the White House as he faces increased pressure...

    Economy

    Chair Jerome Powell leads the Federal Open Market Committee (FOMC) press conference. 2022. Inflation is once again on the decline, new data from the...