Overview

• The company expects to finish the fiscal year with nearly 18,300 U.S. and Canada locations, a net reduction that implies more than 180 closures when accounting for openings and shutdowns.
• About 900 non‑retail roles will be eliminated with affected employees notified this week and offered severance, while many open corporate positions will be closed.
• Restructuring charges total roughly $1 billion, including about $150 million for separation benefits and around $850 million tied to lease exits and physical store closures, according to securities filings.
• Stores targeted for closure were identified as lacking a path to financial performance or the physical environment Starbucks wants, with transfers to nearby locations offered where possible.
• Starbucks plans to renovate more than 1,000 locations over the next 12 months and resume net store growth in the following fiscal year, as unions signal they will seek bargaining over impacts at represented shops.