Starbucks announced on Friday that it is laying off 300 corporate employees and closing several U.S. offices. These measures are part of the company's ongoing turnaround and efforts to slim down its operations.
As part of these changes, the company will close four regional offices. Starbucks expects to take a $400 million charge related to these closures and personnel cuts.
The company stated that these moves are intended to help the coffee chain hit cost-reduction targets. Ultimately, the cuts are designed to help Starbucks return to profitable growth.