Starbucks to cut around 12K jobs
Starbucks Corp has announced that they are planning to close down around 500 underperforming stores.
This would result in elimination of around 12,000 full and part-time positions.
Starbucks said that this restructuring process would result in them taking charges of more than $325 million.
Most of these stores would be closed by the first half of current fiscal year.
The company recently stated that they are going to open fewer stores in the US market as they are now concentration on growth internationally.
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