Results tagged “sbux”

It makes perfect sense for a company that just suffered a gigantic drop in profit (and one that has been struggling all year) to give its new Chief Financial Officer, the one who will preside over the books during its downward spiral, a big fat paycheck. Troy Alstead, the incoming CFO for Starbucks Corporation, will be paid an annual salary of $450,000. But wait, there's more: he also receives eligibility for a $225,000 bonus and a stock option grant worth over $200,000. So, let's get this straight: the company is struggling for its life, facing continuously decreasing profit, and the head money man could get paid nearly $900,000 a year. Is it no wonder the numbers coming out of the Mermaid are so dismal?

Despite closing stores all over the world, Starbucks announced today they'll be opening their first non-airport store in Amsterdam in 2009. Sadly, the mermaid has decided not to go the traditional Amsterdam coffee shop route, which means no Purple Haze with your Frappucino, folks.

Things are not well in the land of the mermaid and her coffee empire. Starbucks announced a huge round of layoffs and store closures this afternoon. The coffee giant will be closing 600 stores nationwide and laying off 12,000 of its store employees. The 12,000 layoffs equal about 7% of Starbucks global work force. The layoffs and closures will occur between now and March 2009. No word yet if any local stores will be facing closure.