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Starbucks' ex-boss in rescue bid

Updated on 08 January 2008

Source PA News

Troubled Starbucks has sacked its chief executive, handing the reins back to chairman Howard Schultz in a major restructuring initiative to pull the company out of a downward slide.

The move, coupled with plans to close some US stores and slow down opening new ones, comes as the world's largest chain of coffee houses has seen its stock plummet 50% over the last year amid declining traffic in its domestic stores.

Starbucks would not say how many stores would close and will not detail its revised growth plans until it reports fiscal first-quarter earnings on January 30.

These news feeds are provided by an independent third party and Channel 4 is not responsible or liable to you for the same.

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