SBUX 8-K: Smart Summary

On May 13, 2026, Starbucks Corporation's Board of Directors approved a restructuring plan under its 'Back to Starbucks' strategy, expected to incur approximately $400M in total charges to streamline its support organization, non-retail facilities, and Starbucks Reserve and Roastery locations.

• Board approval date: May 13, 2026
• Filing date: May 15, 2026
• Restructuring plan approved under the previously announced 'Back to Starbucks' strategy
• Strategy focuses on revitalizing coffeehouses and enhancing the customer experience
• Company previously communicated pursuit of $2B in cost savings initiatives
• International business has moved towards a model where nearly 90% of its coffeehouses are licensed
• Plan actions include further streamlining domestic and international support organization and non-retail facilities
• Company is reducing future operational complexity of its Starbucks Reserve and Roastery locations
• Majority of plan actions expected to be completed by the end of fiscal year 2026
• A significant portion of associated cash and non-cash charges expected to be incurred in fiscal year 2026
• Total restructuring charges expected: approximately $400M
• Non-cash charges: approximately $280M, due to impairment of long-lived assets including right-of-use lease assets
• Non-cash charges primarily related to reassessment of asset group associated with ongoing Starbucks Reserve and Roastery locations and optimizing non-retail support facility portfolio
• Cash charges: approximately $120M, primarily related to employee separation benefits from further optimization of global support organization