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Retail

Starbucks (SBUX) May Take Another Chance To Screw Employees

Photo of Douglas A. McIntyre
By Douglas A. McIntyre Updated Published
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R218533_855025_2Merry Christmas you underpaid, overworked coffee barista boys and girls. Uncle Howard Schultz, your founder and CEO, has found another way to screw Starbucks (SBUX) employees, if he wants to. According to The Wall Street Journal, "Starbucks Corp. told employees the company won’t guarantee that it will make a company match to their 401(k) accounts next year."

Keep in mind that Starbucks still makes lots of money. In the last reported quarter, the coffee retailer improved revenue by 3% to $2.5 billion. Operating income was down to $14 million from $248 million in the same period in 2007. But, Starbucks did take a $99 million restructuring charge this year.

So much for Starbucks making the Fortune "100 Best Places To Work For" list again in 2009. As the company says "We are always focused on our people. We provide opportunities to develop your skills, further your career, and achieve your goals."

In the meantime, Starbucks does not mind fleecing its employees by cutting contributions to their savings if it wants to. Maybe it is because the firm pays them so well.

Douglas A. McIntyre

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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