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Politics : Sioux Nation -- Ignore unavailable to you. Want to Upgrade?

To: stockman_scott who wrote (158955)	1/23/2009 7:13:37 PM
From: Mannie	Read Replies (2) \| Respond to of 362456

Hate to see shareholders hurt, but I think Howard Schultz is a first class jackass, and they serve up a lousy product. Starbucks declines to comment on job cut report By LAUREN SHEPHERD AP Business Writer Starbucks Corp. on Friday declined to confirm or deny an analyst's report that the gourmet coffee chain plans to cut another 1,000 jobs in a continued quest to lower its costs. The company said it could not comment on the report because it is to report its first-quarter financial results on Wednesday. "We cannot, as a public company, comment on any details about our business in advance of our earnings release next week, and we do not comment on rumor and speculation," the company said in a statement. The statement was a response to an e-mail Diane Daggatt, a managing director at Seattle-based investment firm McAdams Wright Ragen, sent her clients earlier on Friday. Daggatt said in the e-mail that she had heard from a local source that "another big round of layoffs" is coming at Starbucks. She said up to 1,000 positions may be cut, possibly including district managers and field employees. Baristas, she said, would likely be spared. Daggatt said the cuts could come next week or next month. She said they may be part of the company's already-announced plans to cut costs by about $400 million in fiscal 2009. Starbucks said at an analyst conference in December that it expects to save $200 million to $210 million in fiscal 2009 from initiatives already under way. It also said it had identified another estimated $200 million in savings that could come from cutting labor costs or streamlining distribution. The company did not specify then whether it would lay off workers. The company has been attempting to chop costs to protect its profits as consumers clamp down on spending. The company began closing 600 underperforming stores in the U.S. this summer and announced about 1,000 job cuts in July. Of the cuts, 550 of the positions were layoffs and the rest involved eliminating open jobs. Starbucks shares fell 4 cents to close at $9.08.