Cheddar's Need2Know

Cheddar

All the news, analysis and (un)necessary commentary you need to start the day, hosted by Emmy-winning journalists, news addicts and real-life pals @jillwagnerTV and @Carlo_versano Email us: need2know@cheddar.com

  • 31 seconds
    Joann Fabrics to Close All Stores
    It's been called the retail apocalypse, and it continues today with news that fabrics outlet Joann Fabrics will shutter all of its approximately 800 locations.
    25 February 2025, 6:07 pm
  • 30 seconds
    Denny’s Adds Surcharge to Eggs
    Eggflation is spreading to popular breakfast chains around the country.
    25 February 2025, 6:04 pm
  • 46 seconds
    Eli Lilly Lowering Price of Zepbound
    Hugely popular weight loss drugs known as GLP-1's are finally getting cheaper, well at least one is, and that's the case with Eli Lilly drug Zettbound.
    25 February 2025, 5:58 pm
  • 21 seconds
    Study: Mars Once Had Sandy Beaches
    Chinese researchers discovering that Mars once featured rivers, beaches, and an ocean covering nearly half the planet, albeit 3.6 billion years ago.
    25 February 2025, 5:53 pm
  • 51 seconds
    Musk Gives Federal Workers “Another Chance”
    Elon Musk telling federal workers Monday evening that they have a second chance to justify their work or lose their jobs.
    25 February 2025, 5:45 pm
  • Starbucks lays off 1,100 corporate employees as coffee chain streamlines

    Starbucks plans to lay off 1,100 corporate employees globally as new Chairman and CEO Brian Niccol streamlines operations.

    In a letter to employees released Monday, Niccol said the company will inform employees who are being laid off by midday Tuesday. Niccol said Starbucks is also eliminating several hundred open and unfilled positions.

    “Our intent is to operate more efficiently, increase accountability, reduce complexity and drive better integration,” Niccol wrote in the letter.

    Starbucks has 16,000 corporate support employees worldwide, but that includes some employees who aren't impacted, like roasting and warehouse staff. Baristas in the company's stores — who make up most of the company's 361,000 employees worldwide — are not included in the layoffs.

    Niccol said in January that corporate layoffs would be announced by early March. He said the company needed to reduce complexity and ensure that all work is overseen by someone who can make decisions.

    “Our size and structure can slow us down, with too many layers, managers of small teams and roles focused primarily on coordinating work,” Niccol wrote.

    Starbucks' layoffs come as other big companies make similar moves. Southwest Airlines said last week it was eliminating 1,750 jobs, or 15% of its corporate workforce, in the first major layoffs in the company’s 53-year history. And last month, tire maker Bridgestone Americas closed a plant in LaVergne, Tennessee, and laid off 700 workers there.

    Starbucks hired Niccol last fall to turn around sluggish sales. He has said he wants to improve service times — especially during the morning rush — and reestablish stores as community gathering places.

    Niccol is also cutting items from Starbucks' menu and experimenting with its ordering algorithms to better handle its mix of mobile, drive-thru and in-store orders.

    Starbucks' global same-store sales, or sales at locations open at least a year, fell 2% in its 2024 fiscal year, which ended Sept. 29. In the U.S., customers tired of price increases and growing wait times. In China, its second-largest market, Starbucks faced growing competition from cheaper rivals.

    However, in its most recent quarter, the company topped most sales expectations after Niccol made changes that were visible to customers, such as the decision to stop charging extra for non-dairy milk.

    Starbucks shares rose less than 2% Monday.

    24 February 2025, 8:45 pm
  • 27 seconds
    Musk Gives Federal Workers an Ultimatum
    What did you do last week? That's what Elon Musk is asking more than 2 million federal employees as a test of whether or not they should keep their jobs.
    24 February 2025, 6:31 pm
  • 34 seconds
    American Airlines Flight Diverted Due to Bomb Threat
    An American Airlines flight from New York to New Delhi, India landed safely in Rome on Sunday afternoon after it was diverted due to a security concern.
    24 February 2025, 6:24 pm
  • 30 seconds
    Apple to Spend $500B in U.S. in Next Four Years
    Hoping to avoid President Trump's tariffs on Chinese imports, Apple is investing $500 billion in U.S. facilities over the next four years.
    24 February 2025, 6:15 pm
  • 4 minutes 52 seconds
    How Air Company Is Powering the Future With CO2
    From breakthrough vodka to sustainable jet fuel, Air Company's CEO takes us inside their Brooklyn research lab and talks the future of carbon technology
    24 February 2025, 3:36 pm
  • 22 minutes 22 seconds
    "NYC Innovates" Ep 2: Central Park Conservancy, Domino Park, Remedy Place
    Discover the innovators behind NYC's changing landscape, from Central Park to Brooklyn's newest waterfront. Plus, inside Soho's high-tech 'social wellness' club
    23 February 2025, 4:09 pm
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