Starbucks to Close Hundreds of Coffee Shops, Lay Off 900 Workers, CEO Says. Here's Why.
1. Starbucks plans to close shops, targeting fewer than 18,300 locations. 2. About 900 corporate positions will be eliminated to cut expenses. 3. CEO Brian Niccol's turnaround plan follows a 7.7% stock decline this year. 4. Starbucks aims to improve in-store experience despite recent sales weakness. 5. Investors reacted mildly, with stock falling less than 0.1% in premarket.