Starbucks Corp. will lay off about 350 corporate employees, or about 5 percent of its non-restaurant workforce, in its marketing, creative, product, technology, and store development departments, reports Fortune. The restructuring is an attempt to speed innovation and boost slowing sales.
The company has been working to show it can still grow, especially in its home market, where Americans increasingly are looking for healthier options. The chain reported same-store sales earlier in November that topped estimates as it works to bring new menu items to stores faster. Investor Bill Ackman believes there is still room for further growth, betting shares could double in the next three years. Full Story
Related: Coffee Shop Sales Growth to Outpace Packaged Coffee; Starbucks to Make Corporate Changes.
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