sunoftheskye (sunoftheskye) wrote in ontd_political,


Starbucks may cut 1,000 more jobs: report

Sat Jan 24, 2009 2:15pm EST

LOS ANGELES (Reuters) - Coffee chain Starbucks Corp could cut another 1,000 jobs in the coming weeks, according to a report in the Seattle Times on Saturday.

The latest cuts could include employees at its Seattle headquarters, district managers and field employees but not the so-called baristas, who serve customers, said the report, which cited a client note from an analyst at McAdams Wright Ragen.

A Starbucks representative was not immediately available for comment.

The coffee chain, which has been fighting to revive growth in the United States, is closing 600 cafes and has already trimmed jobs in stores and at headquarters.

The company is scheduled to release its first-quarter financial results on Wednesday.

Starbucks said this week its top executives did not receive bonuses in 2008 and that Chief Executive Howard Schultz and other top managers will not get base salary raises in fiscal 2009.

Schultz also will not participate in Starbucks' executive management bonus plan in fiscal 2009.

The company recently told employees that it will not guarantee matching contributions to their 401(k) retirement plans this year.

Tags: economy

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