Starbucks plans to sell its UK business- Times
– Starbucks Corp plans to sell its UK business as it faces competition from new 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 Inc to solicit interest for its UK business, the report said, adding that the company faces competition from rival coffee chains like Pret A Manger, Tim Hortons and Costa. .
Starbucks UK operations oversee more than 1,000 cafes in the UK and employ around 4,000 people there, according to the report.
According to the Times report, the company has not launched a “formal sale process” of its UK business and it has continued to “assess strategic options” for its corporate-owned international operations.
The company did not immediately respond to Reuters request for comment outside of business hours.
The company suspended its guidance for the full year in its last quarter earnings report after it missed Wall Street targets due to the difficult situation in China. covid-19 obstacles that impacted their sales in the country.
The company which has faced recent efforts to organize its American workforce is in search of a permanent successor while Howard Schultz remains the interim CEO.