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00:02Starbucks said Thursday it will close about 250 underperforming North American cafes,
00:07or roughly 1% of its locations in the region, as part of its turnaround under CEO Brian Nichol.
00:12According to CNBC, most closures will occur before the end of fiscal 2026, later this month.
00:18Starbucks now expects 440 net new cafe openings in fiscal 2026, down from its previous forecast
00:25of 600 to 650, with the new locations coming from international markets. The company expects
00:30about $300 million in restructuring charges related to the closures. About $200 million
00:35will cover early lease exits and employee separation benefits, while the remaining
00:40$100 million will come from non-cash charges tied to company-owned restaurant assets.
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