Starbucks to cut 6,700 jobs, close 300 stores [View All]

[Amerigo Vespucci]

Source: MSNBC

SEATTLE - Starbucks Corp. said Wednesday that it would cut as many as 6,700 jobs as it closes hundreds more stores and eliminates more positions at its corporate headquarters.

Faced with slowing demand for lattes and cappuccinos because of the recession, Starbucks plans to close 300 stores, including 200 in the United States, and eliminate about 6,000 store jobs. The company also plans to eliminate about 700 corporate jobs, including about 350 at its corporate headquarters in Seattle.

Starbucks is also reporting that its profit dropped 69 percent in its fiscal first quarter.
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The Seattle-based retailer said Wednesday that its net income fell to $64.3 million, or 9 cents per share, from $208.1 million, or 28 cents per share a year earlier.

Read more: http://www.msnbc.msn.com/id/28898855/