Even pumpkin spice latte season couldn’t pull Starbucks out of its slump. The international coffee chain announced on Thursday that it would be closing “underperforming” stores across North America this weekend, as well as laying off 900 corporate employees, according to The New York Times.

Starbucks CEO Brian Niccol wrote in a letter to staff that the coffee shops on the chopping block are those that were “unable to create the physical environment our customers and partners expect, or where we don’t see a path to financial performance.” Here’s everything we know so far about Starbucks’ plans.

1. Starbucks’ financials have been suffering for the past year.

As of July, foot traffic at Starbucks was down for six consecutive quarters. Along with increased labor costs and inflation, this gr

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