"The coffee chain announced the decision on Thursday. Overall, store count in the United States and Canada is expected to drop by 1 percent, or several hundred stores, by the end of the 2025 fiscal year, including its iconic Seattle roastery. Niccol is trying to restore the chain's coffeehouse feel to bring customers back to its outlets after six consecutive quarters of declining US sales."
"The cuts are expected to affect 900 workers and follow 1,100 corporate cuts earlier this year. But the cuts are underscored by Niccol's compensation package valued at $95.8m last year, 6,666 times more than the average barista. It is the largest CEO-to-worker pay gap of any company in the S&P 500, according to the Institute for Policy Studies's 2025 executive excess report."
Starbucks will close underperforming stores across North America, cutting several hundred locations and reducing overall U.S. and Canada store count by about 1 percent by fiscal 2025. The plan includes the closure of the Seattle roastery and will affect roughly 900 workers, following earlier corporate reductions of 1,100 roles. CEO Brian Niccol is pursuing a $1bn restructuring aimed at restoring the chain's coffeehouse feel after six consecutive quarters of declining U.S. sales. The cuts coincide with union disputes and past holiday-season strikes, and stand alongside Niccol's $95.8m compensation, the largest CEO-to-worker pay gap in the S&P 500.
Read at www.aljazeera.com
Unable to calculate read time
Collection
[
|
...
]