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Store Closures Wipe Out Starbucks' Profit

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Starbucks slid to its first quarterly loss as a public company on Wednesday as charges related to its decision to close more than 650 cafés wiped out profits at the biggest US coffee shop chain.

The report came a day after Starbucks reshuffled its top management team and announced that it would increase to 13,000 the number of jobs to be cut by the company as part of a shake-up launched in January by Howard Schultz, chief executive.

Read the whole story at Financial Times