Starbucks will close hundreds of coffee shops including a store inside its Seattle headquarters and lay off a further 900 office workers this week in an attempt to turn around flagging performance.
The company will incur $1bn in costs related to the cuts, including employee severance payments and expenses related to exiting leases, Starbucks said on Thursday.
The world’s largest coffee shop chain has reported six consecutive quarters of falling same-store sales as consumers have balked at its prices and expressed frustration over queues to pick up orders.
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