Wednesday's Vital Data: JPM, NFLX, TWTR >>> READ MORE

Starbucks Layoffs: Seattle Headquarters to Face Job Cuts

SBUX is cutting 350 jobs

By William White, InvestorPlace Writer

http://bit.ly/2OIr4kT

A round of Starbucks layoffs will have the company reducing the number of corporate employees.

Starbucks Layoffs: Seattle Headquarters to Face Job Cuts
Source: Shutterstock

An internal memo from Starbucks (NASDAQ:SBUX) CEO Kevin Johnson reveals to employees that the company is planning to layoff roughly 350 employees. However, it looks like these Starbucks layoffs will be exclusive to the coffee chain’s Seattle headquarters.

The Starbucks layoffs will have the coffee chain reducing its global corporate workforce by about 5%. The areas that it is looking to cut jobs from include marketing, creative, product and technology, as well as store development.

“I’ve talked about the need to make these hard decisions for a while now, and I want you to know we will handle each situation with compassion and respect for the impacted partner,” the Starbucks CEO said in the memo obtained by TheStreet.com. “Their collective contribution to our success over the years is undeniable, and I know their influence will forever be reflected in who we are as a company”

For now it doesn’t look like retail employees will have to worry about Starbucks layoffs. This matches previously leaked memos about layoffs from the company, such as the one that came out back in September of this year.

While the newest round of Starbucks layoffs won’t be affecting its retail employees, that doesn’t mean they are completely in the clear. The company notes that it is planning to close 150 stores in the U.S. next year to better optimize its store growth.

As of this writing, William White did not hold a position in any of the aforementioned securities.


Article printed from InvestorPlace Media, https://investorplace.com/2018/11/starbucks-layoffs-coming-to-seattle-headquarters/.

©2019 InvestorPlace Media, LLC