Starbucks on Thayer Street Closing

Starbucks on Thayer Street Closing

The Starbucks on Thayer Street is closed. It is one small piece of a $1 billion corporate restructuring.

 

Starbucks last week announced that it will close 1% of its stores in North America this month.

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The closures – and layoffs of 900 corporate employees – are part of the corporate cuts.

 

Starbucks CEO Brian Niccol said the stores it will shut weren’t “what our customers and partners expect” or weren’t making money. It seems strange that the Thayer Street location — immersed among college students — would fall into those categories.

 

Last year, Niccoli received a pay package worth $95,801,676. That was 6,666 times more than the median pay of a Starbucks full-time employee.

 

The building in which Starbucks was located was owned by Providence developer Kenneth Dulgarian, who owns multiple properties on Thayer Street.

 

He did not respond to requests for comment at the time of publication.