TMCnet News
New CEO Slashes Jobs, Restructures to Halt Starbucks Sales Decline; Shares Flat(Midnight Trader Via Thomson Dialog NewsEdge) Boston, Feb 22, 2008 (MidnightTrader via COMTEX) -- Chairman Howard Schultz, who retook the reins of Starbucks (SBUX) last month as CEO, announced 600 layoffs and a restructuring of the company to halt a slide in sales. Shares were trading about even with the pre-market close in early morning activity. About 220 workers were fired; the rest were vacant positions that had been frozen. The company is adding regional divisions throughout the U.S. to improve management. Visits to U.S. locations have declined the past two quarters. Price: 17.82, Change: -0.02, Percent Change: -0.12% GET MIDNIGHTTRADER IN REALTIME: This report is delayed. The full MidnightTrader extended-hours trading analysis and news service is available in real-time through COMTEX. For more information and to signup for a FREE TRIAL visit http://www.MidnightTrader.com/free_trial.php. ABOUT MIDNIGHTTRADER: MidnightTrader is the premier source of extended-hours US equity trading analysis, news and forecasting for the retail and institutional investment community. MidnightTrader's extended-hours analytical trading service empowers both retail and institutional equity traders by providing the information necessary to make the most informed and opportunistic investment decisions. http://www.midnighttrader.com Copyright (C) 2008 MidnightTrader.com. All rights reserved. Unauthorized reproduction is strictly prohibited. ********************************************************************** As of Monday, 02-18-2008 23:59, the latest Comtex SmarTrend? Alert, an automated pattern recognition system, indicated a DOWNTREND on 10-12-2007 for SBUX @ $26.20. For more information on SmarTrend, contact your market data provider or go to www.mysmartrend.com SmarTrend is a registered trademark of Comtex News Network, Inc. Copyright ? 2004-2008 Comtex News Network, Inc. All rights reserved. |