Starbucks Corp. reported that it will cut nearly 1,000 jobs and eliminate its Chief Operating Officer position in order to help the company deal with rapidly slowing sales. Of these 1,000 positions, 550 are being eliminated from non-store positions. All together CEO Howard Schultz plans to eliminate as many as 12,000 positions.

Starbucks announced Tuesday plans to close nearly 600 of its nonperforming coffee shops across the U.S. as slow downs in the economy have greatly lowered the company's sales forecasts. Starbucks also reported that it plans to drastically cut down the number of new stores in with U.S. with now only planning to open 200 new stores in 2009.

A state judge in California has ordered Starbucks to pay $105 million in penalties over allowing its supervisors to take a share of server's tips. California law prohibits supervisors, managers, or owners from being paid out of pooled tips.

According to Starbucks' website, Starbucks plans to close all of its 7,100 stores in the U.S. Tuesday from 5:30 p.m. to 9:00 p.m. for a massive in-house training session. The training will focus on "provide a renewed focus on espresso standards" and improving customer experiences.

In order to deal with declines in customer visits, Starbucks announced on Thursday plans to eliminate 600 jobs. CEO Howard Schultz stated that he plans to revitalize the coffee food chain's more then 15,000 cafes, and he plans on closing close to 100 under performing locations.

AT&T and Starbucks have partnered together to offer free wifi at Starbucks establishments for all AT&T broadband subscribers.

Starbucks announced Monday that Howard Schultz will be replacing CEO Jim Donald. Schultz reported that him returning would "for the long term" and that he planned to improve the company's management. The move comes after the company has been struggling with slower growth in the U.S. causing its stock price to drop over 50 percent in 2007.

Starbucks suffered its sharpest decline in 17 months of trading as Bear Stearns downgrades the stock to "Peer Perform". Bear Stearns cited rising food costs and a decline in sales would lower profitability for the company in 2008.

Starbucks Corp. announced Q4 earnings Thursday of 21 cents a share up from 15 cents a share the previous year. However, the stock traded down, on news that the company faced its first ever drop in U.S. demand showing that sales are slowing in the U.S.