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Randall Paul
Jul 16, 2022 3:06PM ET
crap coffee anyway
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Starbucks mulls selling its UK operations- Times
© Reuters. FILE PHOTO: A general view as drinks are served in a Starbucks in Manchester following the outbreak of the coronavirus disease (COVID-19), Manchester, Britain, May 14, 2020. REUTERS/Phil Noble
(Reuters) - Starbucks Corp (NASDAQ:SBUX) is exploring a sale of its UK operations as it faces competition from newer operators, The Times reported https://www.thetimes.co.uk/article/starbucks-explores-sale-of-uk-division-gmldppm6f on Saturday citing sources.
The coffee chain has asked Houlihan Lokey (NYSE:HLI) Inc to canvass interest for its UK business, the report said adding that the company has been facing competition from rival coffee chains like Pret A Manger, Tim Hortons and Costa.
Starbucks' UK business oversees more than 1000 coffee shops in UK and employs around 4000 people there, the report said.
According to the Times report, the company has not initiated a "formal sales process" of its UK business and it continued to "evaluate strategic options" for its company-owned international operations.
The company did not immediately respond to Reuters' request for comment outside business hours.
The company suspended its guidance for the fiscal year in its last quarter earnings report after missing Wall Street targets due to China's tough COVID-19 curbs which impacted their sales in the country.
The company which has been dealing with recent unionization efforts of its U.S. workforce is looking for a permanent successor meanwhile Howard Schultz remains the interim CEO.
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Comments (4)
Roger Miller
Jul 16, 2022 2:40PM ET
Having a pro-union US leadership doesn’t bode well for Starbucks, and obviously the US economy in general.
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Flat Top
Jul 16, 2022 2:14PM ET
Best news i dead so far. Hope Starbucks go out of business. Their drinks are highly overpriced, they over saturate the market and send small stores out of business. Hire workers mostly on part time so that they don’t have to pay benefits. Not to mention they are also contributing to the obesity problem.
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Smart Ricch
Jul 16, 2022 2:04PM ET
nice
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