Washington - Saba:
American company Starbucks announced on Monday its plans to lay off 1,100 employees as part of a strategy aimed at simplifying operations and reducing costs.
This decision came after significant negative impacts on the company's sales due to the boycott campaigns it witnessed, especially in the Middle East, where Starbucks was accused of supporting the Israeli occupation forces during the war on the Gaza Strip.
The company's CEO, Brian Nichol, expressed his concern about the impact of this boycott on the company's performance, indicating that it threatens the company's collapse. He stressed that the campaign led to a significant decline in sales and revenues, especially in international markets, including China, where sales decreased by 14%.
The company's financial statements showed a significant decline in profits and sales during the last quarter of 2024, as revenues decreased by 3.2% compared to the previous year, and profits decreased by 25%. Despite Starbucks' attempts to respond to the accusations, the negative effects of the campaign were clear on its financial and administrative performance.
American company Starbucks announced on Monday its plans to lay off 1,100 employees as part of a strategy aimed at simplifying operations and reducing costs.
This decision came after significant negative impacts on the company's sales due to the boycott campaigns it witnessed, especially in the Middle East, where Starbucks was accused of supporting the Israeli occupation forces during the war on the Gaza Strip.
The company's CEO, Brian Nichol, expressed his concern about the impact of this boycott on the company's performance, indicating that it threatens the company's collapse. He stressed that the campaign led to a significant decline in sales and revenues, especially in international markets, including China, where sales decreased by 14%.
The company's financial statements showed a significant decline in profits and sales during the last quarter of 2024, as revenues decreased by 3.2% compared to the previous year, and profits decreased by 25%. Despite Starbucks' attempts to respond to the accusations, the negative effects of the campaign were clear on its financial and administrative performance.