Starbucks plans to close unprofitable locations and cut corporate jobs as part of a $1 billion restructuring effort. CEO Brian Niccol shared that the company will reduce its store count by 1% in Canada and the US this fiscal year, with a total of nearly 18,300 company-operated and licensed stores by year-end. Additionally, 900 non-retail roles will be eliminated, and open positions will be closed. Starbucks aims to invest in store improvements and new coffeehouse designs, moving away from pick-up-focused experiences. The company posted its sixth straight quarterly drop in US same-store sales, with a 2% decline in transactions.

Starbucks Workers United held a rally at the Reserve Roastery in Seattle, a unionized location that closed, claiming Starbucks failed to finalize fair union contracts. The group is requesting information on planned closures and expects to engage in effects bargaining for impacted union stores. Year to date, Starbucks stock is down nearly 9%, with mixed analyst ratings. William Blair analyst Sharon Zackfia expressed caution, stating that while product innovation and faster throughput may lead to sales rebound, it has not happened yet.

Read more at Yahoo Finance: Starbucks set to close stores, slash 900 jobs in restructuring plan