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International Business Times

Starbucks to Close Underperforming Stores, Cut 900 Jobs in $1 Billion Overhaul

Starbucks Brian Niccol United States

A Starbucks cup is seen discarded on a newspaper rack July 31, 2007 in San Francisco, California.

Starbucks announced on Thursday that it will close hundreds of stores across the US, Canada, and Europe while laying off 900 nonretail employees as part of a major $1 billion restructuring plan.

This move is part of the company's effort to focus resources on its turnaround under CEO Brian Niccol.

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