South Africa's Taste Holdings plans to exit food business, sells Starbucks

South Africa's Taste Holdings plans to exit food business, sells Starbucks

South Africa's Taste Holdings said on Friday it had sold its Starbucks business for 7 million rand (US$464,200) and was also considering selling others in its food business, including Domino's Pizza, as part of a new plan to become a luxury retail group.

A Starbucks logo is reflected on a window at the shop in Rosebank
FILE PHOTO: A Starbucks logo is reflected on a window at the shop in Rosebank, South Africa, November 27, 2018. REUTERS/Siphiwe Sibeko

JOHANNESBURG: South Africa's Taste Holdings said on Friday it had sold its Starbucks business for 7 million rand (US$464,200) and was also considering selling others in its food business, including Domino's Pizza, as part of a new plan to become a luxury retail group.

The company said in a statement that it could not secure the capital required to fund its previous strategy aimed at bringing Starbucks and Domino's to break-even.

(Reporting by Emma Rumney; Editing by Christian Schmollinger)

Source: Reuters

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