Starbucks shutting down 400 stores nationwide
Starbucks is closing over 400 stores nationwide—including 54 in New York City—after six straight quarters of falling sales.
The $1 billion restructuring, led by CEO Brian Niccol, also means 900 corporate jobs are gone as the company tries to turn things around.
NYC officials warn Starbucks about possible labor law violations
The sudden closures have left employees and landlords scrambling, with many getting little advance notice.
New York City officials have cautioned Starbucks about possible labor law violations tied to how staff were reassigned during the shutdowns.
Niccol says the focus was on closing stores that couldn't deliver a great customer experience or stay profitable.
A history of bold moves
This isn't Starbucks's first big round of closures—back in 2008, they shut down 600 stores during the recession.
Looks like when times get tough, Starbucks isn't afraid to make some bold moves to keep going.