Starbucks Not Yet Selling Its UK Business

Starbucks Corp is not in a formal sale process for its UK business, a company representative said in a statement after The Times reported earlier on Saturday that the coffee brand is considering selling its UK operations, Reuters reported early on 17 July 2022.

Photo Insert: The first ever Starbucks store at 1912 Pike Place, and the original logo

Starbucks has not launched a "formal sales process" for its UK business and continues to "evaluate strategic options" for its company-owned overseas operations, according to a story from The Times.

According to the publication, the company faces increased prices and competition from rivals such as Pret A Manger, Tim Hortons, and Costa.

Starbucks postponed its estimate for the balance of the fiscal year when it released its most recent quarterly profits in May, as sales growth fell short of Wall Street's expectations due mainly to China's strict COVID-19 restrictions.

Starbucks, which has recently dealt with U.S. labor unionization efforts, is searching for a permanent CEO while Howard Schultz serves as temporary CEO until the end of March.

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