Starbucks to close stores, cut 900 jobs in $1B restructuring

Driving the news: CEO Brian Niccol, in a memo to employees Thursday morning, said the cuts were part of that long-term revamp.

• "During the review, we identified coffeehouses where we're unable to create the physical environment our customers and partners expect, or where we don't see a path to financial performance, and these locations will be closed," Niccol wrote.
• He did not say how many stores would be closed, and the company did not specify in an SEC filing, either.
• Niccol did say that overall North American company-operated stores would decline by about 1% in fiscal 2025 after accounting for openings and closures.

Between the lines: Niccol said the layoffs would be in "non-retail" roles and that the company would also eliminate some open positions.

By the numbers: Starbucks shares were about 0.1% higher in premarket trading.

• The stock's down about 8% this year, lagging the broader market.

Editor's note: This story was updated with additional details from the company's announcement.