- Starbucks Corp., which has owned 18 percent of its German operations, reportedly has acquired the other 82 percent of the venture from KarstadtQuelle AG, which has decided to focus on its core department store business.
Terms of the transaction were not disclosed.
Starbucks now operates 37 stores in 15 cities in Germany and plans an “aggressive” pace of expansion.
- Krispy Kreme, which until recently was the darling of the investor class and the Holy Grail for folks who liked hot glazed doughnuts, announced that disappointing financial results were causing it to scale back its expansion plans for the coming quarter, cutting back the number of new stores planned to 10, or 61 for the whole year. Its original plans called for 120 new stores for the current fiscal year, which was then trimmed back to 75.
Krispy Kreme said that its third quarter earnings were $2.4 million, down from $14.5 million in the year-earlier period. Sales for the quarter rose 1.4 percent to $170.1 million, with company-owned store sales increased 9.6 percent to $121.2 million.