Starbucks , the world's largest coffeehouse chain, is reportedly planning to layoff hundreds of workers and close stores nationwide as part of its $1 billion restructuring plan, CEO Brian Niccol announced in a memo shared on its news blog Thursday (September 25).

The company plans to cut 900 jobs and decrease its total stores in North America by roughly 1%, bringing its total to nearly 18,300 for the end of the fiscal year.

"Over the next 12 months, we also plan to uplift more than 1,000 locations to introduce greater texture, warmth, and layered design," Niccol wrote. "Partners in coffeehouses scheduled to close will be notified this week. We’re working hard to offer transfers to nearby locations where possible and will move quickly to help partners understand what opportunities

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