Starbucks is moving to shutter 1% of its stores and lay off nearly 1,000 employees as part of a $1 billion restructuring plan to make its business more profitable.

After posting sales declines for six consecutive quarters, the coffee chain is making cuts to prioritize long-term growth. CEO Brian Niccol announced the news in a company-wide memo on Thursday.

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“During the review, we identified coffeehouses where we’re unable to create the physical environment our customers and partners expect, or where we don’t see a path to financial performance, and these locations will be cl

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