Starbucks to cut 5% of its corporate workforce

FAN Editor

Starbucks is planning to cut approximately 5 percent of its global corporate workforce, according to a memo sent by CEO Kevin Johnson on Tuesday.

In the memo obtained by CNBC, Johnson said the lay offs would impact 350 employees in marketing, creative, product, technology and store development.

The news comes after Starbucks said in September that it would cut corporate staff as it shuffles its organizational structure. At the time, Johnson said Starbucks needed to become a more nimble company and would be making “significant changes” in order to achieve that goal.

The Wall Street Journal first reported the layoffs.

Starbucks has been plagued with lagging U.S. sales for several quarters. The coffee giant has scaled back on store growth and closed underperforming company-owned locations.

This is breaking news. Please check back for updates.

— CNBC’s Kate Rogers contributed reporting.

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