Coffee & Tea Academy & Association of Hong Kong & P.R.China

According to a story in the Seattle Times citing a local investment firm, Starbucks (SBUX:

Starbucks Corp

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 Last: 9.08-0.04-0.44%
4:00pm 01/23/2009
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SBUX 9.08, -0.04, -0.4%) could lay off as many as 1,000 employees, including headquarters workers, district managers and field employees.

The report said news of the possible job cuts came from a note written to brokerage customers by investment firm McAdams Wright Ragen in Seattle.

Starbucks officials could not be reached Saturday for response on the report, but the Seattle Times article said the company declined to comment.

The Seattle-based company is scheduled to report financial results next week.

Starbucks said Thursday that five top executives didn't receive bonuses in 2008 because business at the coffee retailer didn't meet expectations, according to the company's proxy filing.

Starbucks has struggled to thrive with mounting job losses, home foreclosures, and stock market losses sapping consumer spending. The coffee retailer over the past year has closed stores, refashioned its menu, cut costs and taken other steps to rejuvenate its business.

Starbucks also seeks shareholder approval to reprice employee stock options, many of which are worthless at current prices. Starbucks shares are down 5% so far this year, and down 52% over the past 12 months.

 

Comments from readers:

Six years ago I brought a cappuccino maker at a yard sale.
Price = $1.00
Bag of Kona coffee at Giant Eagle = $6.00
Cost per cup of GOOD cappuccino = $.75
Not going into a Starbucks = priceless.

- shelleybear