Starbucks Plans To Cut 350 Corporate Jobs

(RTTNews) - Starbucks Corp. (SBUX) said that it plans to cut 350 corporate jobs across areas including marketing, creative, product, technology and store development. This is about 5% of the company's global, non-retail workforce. The cuts come after months of consideration about how to get the company back to growth and create shareholder value.

"Building the next chapter of Starbucks requires us to focus on fewer priorities and transform our functional teams work in order to accelerate the velocity of innovation that is relevant to our customers, inspiring to our partners, and meaningful to our business," wrote Chief Executive Kevin Johnson in an email to staff.