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1.4.2003: Meldung: Starbucks Dissolves Joint Venture
Starbucks Coffee International, a wholly owned subsidiary of Starbucks Coffee Company (Nasdaq:SBUX - News), and the Delek Group of Israel today have mutually agreed to end their joint venture in Israel.
Following this decision, Shalom Coffee Company, the joint venture between Starbucks Coffee International and the Delek Group, will close its six Starbucks stores in Tel Aviv. The decision to dissolve the joint venture has been due to on-going operational challenges in the market.
"It was a very difficult decision," said Mark McKeon, president of Starbucks Coffee International for Europe, Middle East and Africa. "Following months of serious discussions and market reviews with the Delek Group, we came to this amicable and mutual decision. Our commitment in the market continues to be strong and long-term and we will return at an appropriate time.
"As these are still very early days of our growth, we are committed to making strategic decisions to help ensure our future success," added McKeon. "We are very confident that the acceptance of the Starbucks brand is extremely strong, and we remain committed to our expansion plans and strategies in the region."
About Starbucks Coffee International
Starbucks Coffee International is a wholly owned subsidiary of Starbucks Coffee Company, the leading retailer, roaster and brand of specialty coffee in the world, with more than 6,000 retail locations in North America, Latin America, Europe, the Middle East and the Pacific Rim. The company is committed to offering the highest quality coffee and Starbucks Experience while conducting its business in ways that produce social, environmental and economic benefits for communities in which it does business.
Contact:
Starbucks Coffee Company
Carole Pucik, 206/318-5538
Following this decision, Shalom Coffee Company, the joint venture between Starbucks Coffee International and the Delek Group, will close its six Starbucks stores in Tel Aviv. The decision to dissolve the joint venture has been due to on-going operational challenges in the market.
"It was a very difficult decision," said Mark McKeon, president of Starbucks Coffee International for Europe, Middle East and Africa. "Following months of serious discussions and market reviews with the Delek Group, we came to this amicable and mutual decision. Our commitment in the market continues to be strong and long-term and we will return at an appropriate time.
"As these are still very early days of our growth, we are committed to making strategic decisions to help ensure our future success," added McKeon. "We are very confident that the acceptance of the Starbucks brand is extremely strong, and we remain committed to our expansion plans and strategies in the region."
About Starbucks Coffee International
Starbucks Coffee International is a wholly owned subsidiary of Starbucks Coffee Company, the leading retailer, roaster and brand of specialty coffee in the world, with more than 6,000 retail locations in North America, Latin America, Europe, the Middle East and the Pacific Rim. The company is committed to offering the highest quality coffee and Starbucks Experience while conducting its business in ways that produce social, environmental and economic benefits for communities in which it does business.
Contact:
Starbucks Coffee Company
Carole Pucik, 206/318-5538