Starbucks plans drastic cuts as profit plummets

Starbucks plans drastic cuts as profit plummets

SEATTLE After booking a near 70-percent drop in first-quarter profit, Starbucks Corp. said Wednesday it would close an additional 300 locations, pull back further on development and reduce its workforce by as many as 6,700 positions this year to become a “leaner and more nimble company.”

The company is struggling to cut costs in light of declining store traffic throughout its more than 16,000 locations. Starbucks’ latest moves follow last year’s plans to shutter

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