Starbucks announced plans last week to close underperforming locations , including multiple stores around Baltimore.

According to CEO Brian Niccol, the company will also cut 900 jobs. The move, which aims to revitalize the coffee shops, will cost nearly $1 billion and will lower the company's North America store count by about 1% in fiscal year 2025.

The company said it would be targeting locations where they are "unable to create the physical environment our customers and partners expect, or where we don't see a path to financial performance."

"Each year, we open and close coffeehouses for a variety of reasons, from financial performance to lease expirations," Niccol told CBS News. "This is a more significant action that we understand will impact partners and customers."

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