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2 clusters · 15 sources · 3 days · First seen · Last updated

Starbucks North American store restructuring

Overview

Starbucks is closing approximately 250 underperforming stores across North America as part of its ‘Back to Starbucks’ turnaround strategy led by CEO Brian Niccol. The company expects to incur roughly $300 million in restructuring charges, including lease exits and employee severance. These closures represent about 1% of its more than 18,000 North American locations.

Specific reported closures include 65 locations in California, 22 in New York, and 14 in Texas. The company is targeting locations that fail to meet financial performance standards or cannot provide the desired customer and employee experience. While North American operations are shrinking, the company is expanding its technological footprint in India by establishing a Global Capability Centre in Chennai, which is expected to create approximately 800 technology jobs.

Entities

Starbucks · Chennai · Tamil Nadu · TATA Starbucks · Tata Consumer Products

Timeline

  1. [BUSINESS] 2 sources
    Starbucks and major food chains close hundreds of North American locations

    Starbucks and other major food chains are closing hundreds of North American locations due to rising costs and underperforming stores as part of broader corporate restructuring.

  2. [BUSINESS] 14 sources
    Starbucks to close 250 North American stores amid restructuring

    Starbucks is closing about 250 underperforming North American stores as part of a $300 million restructuring plan led by CEO Brian Niccol, while simultaneously expanding tech operations in India.

Sources

710keel.com · 97rockonline.com · businessinsider.nl · epochtimes.com · hrkatha.com · ibtimes.co.uk · kroc.com · krocnews.com · marketbeat.com · mix108.com · narcity.com · newstalk1280.com · newstalkkit.com · thetakeout.com · womiowensboro.com