Starbucks Expands Restructuring, Cuts 180 UK and Hong Kong Office Jobs
SBUX sits 29% above its 52-week low of $77.99.
Summary
Starbucks is cutting approximately 180 office jobs, with about 120 positions in London and 60 in Hong Kong, as part of a restructuring effort. This follows a previous announcement on May 15th of 300 corporate job cuts in the U.S. The ongoing global job reductions indicate a sustained focus by management on cost reduction and efficiency improvements across its international operations.
At the time of this announcement, SBUX was trading at $100.81 on NASDAQ in the Trade & Services sector, with a market capitalization of approximately $114.7B. The 52-week trading range was $77.99 to $108.88. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Reuters.