Starbucks cuts jobs and stores
Starbucks has said that it will be closing 300 stores and cutting 6,700 jobs as profits for the last three months of 2008 plunged 69%. The announcement comes on the back of an additional 661 store closures announced in 2008. Two-thirds of the closures will be in the company’s home country, America, with a further 100 international stores also to close.
In a letter to employees, chairman and chief executive Howard Schultz said that the cuts were part of a massive cost-cutting drive made necessary by the slowdown in consumer spending and a result of years of over-expansion in the company.
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