Starbucks said the decision to dissolve the joint venture, known as Shalom Coffee Company, was "mutually agreed" upon "due to on-going operational challenges in the market." The Seattle, WA-based publicly traded company did not elaborate and a company spokesperson did not immediately return a call seeking more detail.
Mark McKeon, president of Starbucks Coffee International for Europe, Middle East and Africa, said the decision was "very difficult" and the result of "months of serious discussions and market reviews." Starbucks will return to the market "at an appropriate time," said 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," he added.
Starbucks has more than 6,000 retail locations in North America, Latin America, Europe, the Middle East and the Pacific Rim.
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