In a filing with the US Securities and Exchange Commission (SEC), Starbucks shared a message from its Chief Executive Officer, Brian Niccol.
In his message, Niccol stated that they had shared their plan to revitalize the company last September, and expressed that he was pleased with the progress made, despite there being more work to be done.
Pointing out that initial efforts were focused on branches in the US and Canada, Niccol explained that as they work to transform the business globally, they also need to examine the role, structure, and size of their support teams around the world.
Noting that there are opportunities to work more efficiently, Niccol remarked, "We must ensure that all of our work has a clear owner, who can make decisions, and who is responsible for achieving goals. This will help us move faster."
Stating that they need to make meaningful changes to the organization and working methods of their support teams, Niccol used the following expressions:
"Unfortunately, I anticipate that we will be making layoffs and downsizing our support teams moving forward. This work will not affect our in-store teams or the investments we have made in store hours. We will announce the changes at the beginning of March."
News Source: AA
