Starbucks (NASDAQ:SBUX) announced Thursday a major restructuring initiative that will eliminate roughly 900 positions across its operations.
As part of the plan, the coffee chain will close select coffeehouses and reduce its non-retail workforce and operating expenses, aiming to streamline operations and improve efficiency.
The company estimates that restructuring costs will total approximately $1 billion, reflecting severance, asset write-downs, and other related expenses.
The initiative forms part of the company’s broader strategy to optimize its portfolio and focus on profitable locations and business segments.
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