Starbucks announced Monday that it is cutting more than 1,100 jobs and outlined some of the "less popular beverages" being removed from the menu. Why it matters: The coffee giant under CEO Brian Niccol has been moving to return to its roots to try reversing a decline in foot traffic and sales.

The coffee chain is simplifying its structure, removing layers and duplication and creating smaller, more nimble teams.

Starbucks plans to lay off 1,100 corporate employees globally as its new chairman and chief executive streamlines operations.