News
Starbucks Announces More Job Cuts, Store Closings
Starbucks
Corp. (NASDAQ: SPUX)
has announced plans to cut as many as 6,700 jobs and close 300 stores worldwide
as the coffee giant finds itself handing out fewer cappuccinos due to the
global economic slowdown.
Profits
in the fiscal first quarter at Starbucks have reportedly dropped 69 percent as
their net income fell to $64.3 million compared to $208.1 million from one year
ago.
Of
the 300 stores closing it is believed about 200 will be in the United States. About
6,000 store employees will be cut while 700 corporate jobs are slashed.
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