The Latest Breaking News from Brian Niccol

LET’S UNPACK THAT: As the multi-billion-dollar coffee chain announces the closure of some UK stores and the loss of 900 jobs in the US, Ellie Muir looks at the company’s fall from grace, from changing consumer tastes to political boycotts

Starbucks shutters 430 stores, cuts 1,900 jobs, and spends £820 million to fix declining profits and poor customer experience.

Restructuring comes after six quarters of falling sales and growing pressure from unions over working conditions

Starbucks CEO Brian Niccol said employees affected by the latest layoffs will receive ‘generous’ severance packages

The US coffee chain has launched a consultation over the proposed closures, putting jobs at risk, but has not revealed how many stores may be shut.

Coffeehouse chain Starbucks Corp. (NASDAQ: SBUX) is facing stiff competition in China, and its stock remains under pressure, marking a sharp divergence from its China-based arch-rival, Luckin Coffee Inc. (OTC: LKNCY), which has been soaring and hitting new highs throughout this past year.

The company did not say how many stores it planned to close.

Starbucks Corp. (NASDAQ:SBUX) is shifting its food strategy to appeal to health-conscious consumers, expanding protein and gluten-free options while emphasizing artisanal, premium offerings.

The famed coffee chain is looking to capitalize on growing trends around health consciousness and fitness culture.