08:58 AM EST, 03/05/2024 (MT Newswires) -- Starbucks' ( SBUX ) Middle East franchise AlShaya Group is planning to lay off more than 2,000 people, Reuters reported Tuesday, citing unnamed sources familiar with the matter.

The job cuts started on Sunday and amount to roughly 4% of the franchise's employees of approximately 50,000 people, the report added, citing the sources.

The job cuts will mostly take place in the Middle East and North Africa, the report said, citing the people.

"As a result of the continually challenging trading conditions over the last six months, we have taken the sad and very difficult decision to reduce the number of colleagues in our Starbucks MENA stores," Reuters quoted AlShaya as saying.

Neither Starbucks ( SBUX ) nor AlShaya immediately responded to MT Newswires' requests for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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