Starbucks mulls selling its UK operations- Times
Reuters
Published Jul 16, 2022 12:34PM ET
(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.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.