Starbucks To Acquire Full Control Of French Operations (SBUX)

Sep 01, 2009 (SmarTrend(R) News Watch via COMTEX) — 9/1/2009-Seattle-based coffee chain Starbucks Coffee (NASDAQ:SBUX) said it plans to acquire full control of its French operations from a joint-venture partner. Financial terms of the agreement were not disclosed in the press release. Starbucks currently holds a 50-50 deal with its partner Grupo Vips of Madrid.
Under terms of the new agreement, Grupo Vips will have rights to operate Starbucks locations in Portugal and Spain. In 2004, Starbucks opened its first location in France, now the company has 50 stores in the Paris and Lyon areas. “This agreement underscores Starbucks commitment to France and our belief in the long-term market’s potential,” said Philippe Sanchez, managing director of Starbucks Coffee France. “I look forward to working closely with our partners to continue serving the local communities, deliver the Starbucks Experience and grow the market over time.”  Write to Chip Brian at cbrian@tradethetrend.com