The world's largest coffeehouse chain is closing 1% of U.S. stores, along with axing an estimated 900 jobs as part of its "Back to Starbucks" initiative.

This announcement comes from a Starbucks blog written by CEO Brian Niccol . Location closures would include "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," he said.

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