Now we know why Starbucks was so quick to put its $45 million jet on the market yesterday. The company announced moments ago that it plans to cut nearly 7,000 employees and close an additional 300 stores. The company's CEO, Howard Schultz, also says he plans to take a steep pay cut; he'll now earn approximately $4 a month if you subtract out his benefits package, which is almost (but not quite!) enough to pay for a venti Frappuccino once a month. The Wall Street Journal has more here. Melissa Allison of the Seattle Times has more detail here on the company's efforts to sell off its jet.