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Starbucks to lay off 6,700, close 300 stores
Starbucks Corp. continues to take the ax to its business. New plans include closing 300 stores and cutting up to 6,700 jobs in fiscal year 2009.
Starbucks, hit hard as consumers forego pricey coffees, increased its cost-savings target to $500 million from $400 million for the fiscal year. Starbucks saw its same-store sales fell 9 percent for the quarter.