Starbucks is making significant changes by closing 34 stores in New York City as part of a larger restructuring effort. This decision comes after a review of the company’s performance, which revealed declining sales. CEO Brian Niccol announced a $1 billion plan that includes layoffs and store closures across North America. The aim is to improve financial performance and create a better environment for customers and employees.
• The closures affect all five boroughs of New York City, including busy areas in Manhattan and Brooklyn.
• A total of 900 employees will be laid off as part of the restructuring.
• Starbucks is focusing on locations that do not meet performance expectations or customer needs.
• This move marks a nearly 1% reduction in Starbucks locations in North America.
This shift is crucial for Starbucks as it seeks to adapt to changing market conditions and improve its overall business health. The closures may impact loyal customers who rely on these coffee shops for their daily routines.
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