Starbucks Selling European Stores

Seattle-based Starbucks announced that it is restructuring its European business, a move that will result in the closure of dozens of stores as well as the company’s office in Amsterdam. The decision follows years of slowing sales, according to The Washington Post.

The company will sell 83 company-owned stores that are located in France, the Netherlands, Belgium and Luxembourg to its longtime partner, Alsea (Mexico City). Alsea will also provide services to 177 remaining Starbucks stores that are operated by franchisees. 

However, Starbucks will continue to operate its office in London as well as its roasting plant in the Netherlands. Details were not immediately available as to when the deal will be finalized.