Starbucks

Financing

Starbucks is selling control of its China business to Boyu Capital

The investment firm and the coffee shop giant are forming a joint venture to run the business in a deal valued at $4 billion. Starbucks will retain a 40% stake in the business.

Financing

How Starbucks plans to respond to growing competitors like 7 Brew

The coffee-shop giant has been beset by a new generation of drive-thru-only beverage concepts. CEO Brian Niccol is undeterred. "I already have the biggest drive-thru coffee chain in America."

The coffee shop giant reported its best sales quarter since its sales slump began and said its U.S. business turned positive in September and October, thanks to its new “Green Apron” service model.

The coffee shop giant is adding full-time, assistant store managers at 62 locations in California, Illinois and Texas as part of a pilot project. Starbucks plans to have them in all shops next year.

The Bottom Line: The coffee shop giant, which is closing more than 400 of its shops, had been on an expansion tear since the end of the pandemic, despite its sales challenges.

The Week in Restaurants: This week’s episode of the restaurant news discussion podcast features a look at Starbucks' closures and job cuts, Chick-fil-A's new drink concept and Portillo's CEO change.

The Bottom Line: The coffee shop giant is closing stores and laying off workers as it deals with a surprisingly persistent decline in traffic.

Brian Niccol, CEO of the coffee shop giant, said the company will shutter underperforming locations and those where remodels are unworkable. The company plans to uplift another 1,000 shops.

The coffee shop giant is rolling out AI-powered, automated tracking at its U.S. stores, which should cut the time it takes for baristas to count inventory.

Brian Niccol, CEO of the coffee shop giant, said that the company drew record sales last week after the introduction of its annual fall menu.

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