Starbucks Corp. is cutting 1,100 support partner roles as well as several hundred additional open and unfilled positions, as it works to streamline the structure by removing layers and duplication.
The news was announced by Chief Executive Brian Niccol early Monday, who emphasized that the cuts will not affect in-store teams or investments being made into store hours.
"Our intent is to operate more efficiently, increase accountability, reduce complexity and drive better integration," Niccol said in a statement.
The company said the jobs will be eliminated by midday Tuesday and the company is working to inform and notify affected leaders starting today.
The stock $(SBUX)$ was slightly higher premarket and has gained 16.9% in the last 12 months, while the S&P 500 SPX has gained 18.2%.
-Ciara Linnane
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(END) Dow Jones Newswires
February 24, 2025 08:52 ET (13:52 GMT)
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