Starbucks says its not in formal sale process for UK business
Budrigantrade.com - After The Times reported earlier on Saturday that the coffee chain is considering a sale of the UK operations, a company spokesperson stated in a statement that Starbucks Corp. is not in a formal sale process for its UK business.
The Times reported that Starbucks (NASDAQ: SBUX) is continuing to "evaluate strategic options" for its company-owned international operations and has not initiated a "formal sales process" for its UK business.
According to the newspaper, the business faces rising costs and competition from rivals like Pret A Manger, Tim Hortons, and Costa.
When Starbucks last reported quarterly earnings in May, sales growth fell short of Wall Street targets as a result of China's strict COVID-19 restrictions. As a result, Starbucks suspended its guidance for the remainder of the fiscal year.
Howard Schultz will serve as interim CEO until the end of March at Starbucks, which has been dealing with recent labor unionization efforts by its U.S. workforce.
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