Starbucks

Starbucks said Thursday it's closing hundreds of U.S. and Canadian stores and laying off 900 nonretail employees so it can focus resources on its turnaround plan. The Seattle coffee giant wouldn't say exactly how many stores it's closing. But the company expects to end its fiscal year this Sunday with 434 fewer stores than it had at the end of June. Starbucks CEO Brian Niccol said in a letter Thursday that the company is closing stores that don't have a path to financial stability or have physical spaces that don't meet customers' expectations. Starbucks said employees will be offered transfers to other locations if possible.

Florida's Attorney General is continuing a fight against what her office calls a violation of state Civil Rights laws by Starbucks.

Starbucks, struggling with fading sales and disgruntled investors, said Tuesday it’s replacing CEO Laxman Narasimhan with Brian Niccol, the chairman and CEO of Chipotle.Narasimhan, who spent a little more than a year leading Starbucks, will step down immediately, the Seattle coffee giant said. Niccol will become Starbucks’ chairman and CEO on Sept. 9. Chief Financial Officer Rachel Ruggeri will serve as interim CEO until that time.