(Reuters) -Brian Niccol took over as Starbucks' CEO in August 2024, as the coffee chain struggled with weak demand for its pricey lattes in the U.S. and contemplated selling a stake in its China division. His turnaround strategy is predicated on cutting costs and enticing customers with a more welcoming coffeehouse experience – a campaign Niccol calls "Back to Starbucks." Date Action Oct 22, Starbucks suspends its annual forecast as 2024 Niccol calls for a fundamental change to the company's strategy by overhauling its cafes, simplifying its menu and reducing customer wait times. Dec 2024 Talks with the union representing its baristas fall apart. Unionized baristas at some locations go on strike during peak holiday period 2025: Jan Starbucks reverses its "open-door policy" 15 which gave non-paying customers free access to its cafes and restrooms Jan 28 Niccol names Mike Grams, former executive at Taco Bell, as North America chief stores officer, and puts Meredith Sandland in charge of store development and design. Feb 24 Starbucks says it will cut 1,100 corporate roles as Niccol pushes to invest in improving in-store staffing at key locations in the U.S. April 29 Niccol pauses rollout of "capital heavy" Siren System store revamp program, launched under former CEO Howard Schultz June 9 Says it will lower some prices in China to keep up with competition and cater to consumers cautious about spending June 11 Niccol accelerates roll-out of new staffing model at U.S. stores to improve the speed of drive-through orders and better sequence the "bottleneck" of mobile orders Aug 18 Starbucks caps hikes for all North America employees at a modest 2% Sept 25 Niccol lays off around 900 corporate and other non-retail employees and closes hundreds of stores, including Starbucks' iconic, unionized Seattle roastery. Nov 3 The company sells control of its China operations to private equity firm Boyu Capital in a deal valued at $4 billion. (Reporting by Juveria Tabassum in Bengaluru and Waylon Cunningham in New York; Editing by Anil D'Silva and Tasim Zahid)
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