Starbucks Corp (SBUX.O) said it signed an agreement with its joint venture partner in South China, Maxim's Caterers Ltd that gives the world's largest coffee chain full control of more than half of its retail stores in Mainland China. As part of the agreement, Starbucks has assumed 100 percent equity of its business in the Chinese provinces of Guangdong, Hainan, Sichuan, Shaanxi and Hubei, and the municipality of Chongqing. Maxim's has acquired Starbucks' remaining equity stake in the Hong Kong and Macau markets. "Full ownership of our stores in Central, South and Western China is part of our broader strategy to build China as our second home market outside of the U.S. ...," John Culver, president, Starbucks Coffee International said in a statement.
Starbucks Corporation (Starbucks) is the roaster and retailer of specialty coffee in the world, operating in more than 50 countries. Shares of SBUX fell by 2.2% or $-0.81/share to $35.98. In the past year, the shares have traded as low as $22.50 and as high as $38.21. On average, 7735800 shares of SBUX exchange hands on a given day and today's volume is recorded at 8538879.
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