00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Starbucks announced Thursday it will close stores and cut 900 jobs as part of a $1 billion restructuring under CEO Brian Nichol, according to Bloomberg.
00:10The company said its store count will shrink by 1% in fiscal 2025 to 18,300 locations across the U.S. and Canada before resuming growth and refurbishing 1,000 stores.
00:20Nichol is pursuing a turnaround plan focused on store upgrades to encourage longer visits after six straight quarters of same-store sales declines.
00:27Starbucks is also simplifying its menu, adding healthier options and facing stiff competition with smaller rivals in the U.S. and China.
00:34Analysts have expressed concerns about costs in the timeline for Nikola's plan.
00:37Its profitability worsened last quarter.
00:40Shares were up less than 1% in pre-market trading, but remained down 8% year-to-date, trading in the S&P 500's 13% gain.
00:46For all things money, visit Benzinga.com.
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