Starbucks is closing hundreds of stores in the U.S., Canada, and Europe and laying off 900 nonretail employees as part of a turnaround effort. The company will spend $1 billion on the restructuring, including $150 million on employee separation benefits. Starbucks plans to close around 500 North American stores in its fiscal fourth quarter. The closures come after unionized employees in three states sued Starbucks over a new dress code issue. Starbucks CEO Brian Niccol said the company will end its 2025 fiscal year with 124 fewer North American stores but plans to increase its store count next year.

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