Investing.com – Starbucks fell after hours Monday on fears that sales are unlikely to rebound until at least the fall. The coffee chain said it would curb employee hours to match limited operations across its U.S. stores.
Starbucks (NASDAQ:SBUX) was down about 0.5% on the news after ending the day 0.4% higher.
The company said it is encouraging workers to take unpaid leave until September after deciding to keep the seated areas at most of its U.S. cafes closed for the moment, The Wall Street Journal reported.
In May, the coffee chain reopened stores, but limited operations to drive-throughs, pickup and delivery.