- Starbucks will close about 1% of its North American cafes, roughly 250 locations out of more than 18,000, as part of CEO Brian Niccol's turnaround.
- FY26 net new openings are now projected at 440 cafes, down from the prior outlook of 600 to 650, with all new cafes coming from international markets.
- The company expects about $300 million in restructuring charges: $200 million for early lease exits and employee separation benefits, and $100 million in non-cash asset disposal and impairment costs.
- Most closures will occur before the end of FY26, which ends later this month.
Quotes
“We have carefully reviewed our North America coffeehouse portfolio and identified locations where we do not believe we can consistently deliver the experience we want for customers and partners or where we don't see a path to acceptable financial performance”