Starbucks may cut 1,000 more jobs: report

LOS ANGELES Sat Jan 24, 2009 3:26pm EST

Starbucks signs are seen outside one of its stores in New York July 3, 2008. REUTERS/Chip East

Starbucks signs are seen outside one of its stores in New York July 3, 2008.

Credit: Reuters/Chip East

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LOS ANGELES (Reuters) - Coffee chain Starbucks Corp could cut another 1,000 jobs in the coming weeks, according to a report in the Seattle Times on Saturday.

The latest cuts could include employees at its Seattle headquarters, district managers and field employees but not the so-called baristas, who serve customers, said the report, which cited a client note from an analyst at McAdams Wright Ragen.

A Starbucks spokeswoman declined to comment.

The coffee chain, which has been fighting to revive growth in the United States, is closing 600 cafes and has already trimmed jobs in stores and at headquarters.

The company is scheduled to release 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, in any case, comment on rumors and speculation," Starbucks spokeswoman Deb Trevino said in a statement.

Starbucks said this week its top executives did not receive bonuses in 2008 and that Chief Executive Howard Schultz and other top managers will not get base salary raises in fiscal 2009.

Schultz also will not participate in Starbucks' executive management bonus plan in fiscal 2009.

The company recently told employees that it will not guarantee matching contributions to their 401(k) retirement plans this year.

(Reporting by Lisa Baertlein, editing by Patricia Zengerle)

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