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Starbucks Says It's Not In Formal Sale Process For UK Business

By Dave Simpson

Starbucks Corp SBUX.O is not in a formal sale process for its UK business, a company spokesperson said in a statement after The Times reported that the coffee chain is exploring a sale of the UK operations.

Details

According to the Times report, Starbucks has not initiated a "formal sales process" of its UK business and continues to "evaluate strategic options" for its company-owned international operations.

The company faces rising costs and competition from rivals like Pret A Manger, Tim Hortons and Costa, the newspaper said.

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Starbucks suspended its guidance for the remainder of the fiscal year when it last reported quarterly earnings in May as sales growth missed Wall Street targets due to China's tough COVID-19 curbs.

Search For CEO

Starbucks, which has been dealing with recent unionisation efforts of its US workforce, is looking for a permanent CEO while Howard Schultz would remain interim CEO until the end of March.

News by Reuters, edited by Hospitality Ireland. Click subscribe to sign up for the Hospitality Ireland print edition.
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Enjoy full access to Hospitality Ireland, our weekly email news digest, all website and app content, and every digital issue.
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Enjoy full access to Hospitality Ireland, our weekly email news digest, all website and app content, and every digital issue.
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