Starbucks says it’s not in formal sale process for UK business

(Reuters) -Starbucks Corp just isn’t in a proper sale course of for its UK enterprise, an organization spokesperson mentioned in a press release after The Instances reported earlier on Saturday that the espresso chain is exploring a sale of the UK operations.

In keeping with the Instances report, Starbucks has not initiated a “formal gross sales course of” of its UK enterprise and continues to “consider strategic choices” for its company-owned worldwide operations.

The corporate faces rising prices and competitors from rivals like Pret A Manger, Tim Hortons and Costa, the newspaper mentioned.

Starbucks suspended its steerage for the rest of the fiscal yr when it final reported quarterly earnings in Could as gross sales progress missed Wall Avenue targets because of China’s powerful COVID-19 curbs.

Starbucks, which has been coping with latest unionization efforts of its U.S. workforce, is searching for a everlasting CEO whereas Howard Schultz would stay interim CEO till the tip of March.

(Reporting by Shivani Tanna in Bengaluru; Modifying by Leslie Adler)