Getting your player ready...
NEW YORK — Starbucks Corp., which already plans to shut 600 stores, said Tuesday it is also cutting almost 1,000 office jobs as part of its bid to re-energize the brand and boost its profit.
Of the new cuts, 550 of the positions are layoffs and the rest are unfilled jobs.
The announcement came a day before Starbucks was set to report its third-quarter financial results, which analysts expect to show a substantial decline in profit because of slower traffic and a drop in sales at established stores.
For investors, the store closures and layoffs offer some hope that the chain’s declining traffic, profit and stock price may all rise again.
Chief executive Howard Schultz also announced several management changes Tuesday.
