Starbucks Cuts 900 Jobs, Closes Stores in $1 Billion Restructuring

Starbucks announced Thursday it will eliminate 900 non-retail positions and close underperforming stores as part of a major restructuring under new CEO Brian Niccol.

The coffee chain will also halt hiring for many open positions as Niccol implements his "back to Starbucks" strategy aimed at revitalizing the coffeehouse experience and improving customer service.

According to a securities filing, the restructuring will cost approximately $1 billion. Despite the store closures, Starbucks expects to end the year with more than 18,000 locations worldwide.

The job cuts represent Niccol's latest effort to refocus the company since taking over as CEO. His strategy emphasizes returning to core coffeehouse operations rather than expanding into new business areas.