Posted 3/6/2024, 3:18:08 PM
Starbucks Lays Off 2,000 in Middle East Amid Boycotts and Challenging Trading Conditions
- Starbucks Middle East franchisee Alshaya Group firing about 2,000 employees, over 10% of its staff across the region
- Layoffs due to "continually challenging trading conditions" over the last 6 months
- Starbucks has been targeted by pro-Palestinian activists during the Israel-Hamas war, calling for boycotts
- Other Western brands like McDonald's also facing boycotts for perceived support of Israel in the conflict
- Starbucks revenue rose 8% in latest quarter but missed analyst forecasts, likely partially due to activist boycotts