This is on top of the previously announced closures.
Starbucks to close 300 stores as profit tumblesNEW YORK (CNNMoney.com) -- Starbucks Corp. said Wednesday its fiscal first-quarter profit and sales fell short of Wall Street's forecast. The high-end coffee chain also announced 6,700 new job cuts as a weak economy weighed on sales.
For the three months ended Dec. 28, Seattle-based Starbucks reported net income of $64.3 million, or 9 cents per share, compared with $208 million, or 28 cents per share, a year ago.
Starbucks said store closures and reduced operations would result in a loss of up to 6,000 retail and 700 non-store jobs. The company expects to close 300 underperforming stores.
Along with previously announced cost-saving measures, Starbucks expects the job cuts and closures to help it save $500 million over the next year.
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