Starbucks Layoffs: Starbucks Corporation is cutting 1,100 corporate jobs as the coffeehouse chain aims to increase the firm’s efficiency in a turnaround effort, reported the news agency Bloomberg on Monday, February 24.
According to the agency report, this job cut represents nearly 7 per cent of the firm’s global workforce working outside of company-owned stores. The jobs cuts will also include roles like warehousing which are not affected by the restructuring plans.
Starbucks Chief Executive Officer (CEO) Brian Niccol, who joined the firm in September 2024, announced the restructuring plans amid declining sales for the coffeehouse chain.
Starbucks Corp. shares were trading 1.2 per cent higher at $113.06 at 10:53 a.m. (EST) on Monday, February 24, compared to $111.75 at the previous Wall Street close.
The company’s stock has gained nearly 17 per cent in the last one-year period, compared to the 18 per cent rise in the S&P 500 index, reported the news agency.
The news report also mentioned that the job cuts will not affect people working in the cafes or in the warehousing, manufacturing, distribution and roasting operations.
