Starbucks CEO Brian Niccol announced plans to reclaim the brand's identity as a 'third place' for customers in response to declining in-store traffic and sales.

Starbucks is laying off 1,100 corporate employees as part of a restructuring effort due to declining sales, according to CEO Brian Niccol.

Starbucks plans to lay off 1,100 corporate employees and eliminate hundreds of unfilled positions as part of a restructuring initiative led by CEO Brian Niccol to streamline operations and improve efficiency.