Starbucks Brings Back Ceramic Mugs Amid Sales Slump, Betting on Nostalgia
Starbucks reports fifth consecutive quarter of declining same-store sales with a 1% drop in global comparable sales. CEO Brian Niccol unveils revival strategy focusing on traditional coffeehouse experience, including the return of ceramic mugs and personalized customer service.
Starbucks Slashes Jobs and Menu in Major Corporate Overhaul
Starbucks announces plans to cut over 1,000 corporate jobs and simplify its menu by 30% amid declining sales and operational challenges. Under new CEO Brian Niccol, the coffee giant aims to revitalize its brand identity and improve customer experience through streamlined operations.
Joann Fabric to Close 500 Stores Nationwide Amid Second Bankruptcy Filing
Retail giant Joann plans to shutter nearly two-thirds of its fabric and craft stores across the US as part of Chapter 11 restructuring. The company, facing billions in debt, will begin liquidation sales while maintaining operations and employee benefits during the transition.
Macy's Strategic Overhaul: 66 Store Closures Signal Major Retail Transformation
Retail giant Macy's unveils plans to close 66 stores by early 2025 as part of its 'Bold New Chapter' strategy, aiming to shutter 150 locations by 2026. The restructuring initiative focuses on investing in 350 remaining stores while expanding luxury divisions Bloomingdale's and Bluemercury.
TGI Fridays Declares Bankruptcy Amid Post-Pandemic Restaurant Industry Turmoil
TGI Fridays' parent company files for Chapter 11 bankruptcy protection following dramatic reduction in U.S. locations from 237 to 163. The casual dining chain aims to restructure operations while keeping remaining restaurants open, citing COVID-19 impact and increased competition.
Major Drugstore Chains Overhaul Operations Amid Retail Challenges
CVS and Walgreens initiated dramatic transformations in 2024, closing hundreds of stores and revamping business strategies under new leadership. The pharmacy giants struggled with declining front-end sales while seeking to modernize their century-old retail model.
Big Lots Accelerates Store Closures with 19 Additional Locations
Discount retailer Big Lots announces plans to shutter 19 more stores across multiple states as part of its strategic restructuring efforts. The company aims to optimize its network of 1,300 stores while investing in e-commerce and supporting affected employees through the transition.
Intel Restores Free Coffee Benefits Amid Cost-Cutting Recovery
Intel reintroduces complimentary coffee and tea services worth $100 million annually, marking a partial reversal of previous cost-cutting measures. The move aims to boost employee morale while CEO Pat Gelsinger works to stabilize the company's position amid ongoing workforce reductions and financial challenges.
CVS Health to Cut 2,900 Jobs Amid Cost-Saving and Restructuring Efforts
CVS Health announces plans to lay off 1% of its workforce as part of a broader cost-cutting initiative. The company is also considering separating its retail pharmacy and insurance units, signaling potential major changes in its business structure.