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Starbucks acquires rights for Canada operations
May 20, 2008
TORONTO — Starbucks Coffee Canada Inc. has reached an agreement to acquire substantially all of the assets, including development and operating rights, from Coffee Vision Inc. and Coffee Vision Atlantic Inc., its licensee in Quebec and Atlantic Canada.
Upon closing the transaction Aug. 25, 2008, Starbucks will transition approximately 40 licensed locations to company-operated ones. In addition, Starbucks will acquire full development and operational rights for retail stores in these provinces. As part of the agreement, more than 740 CVI and CVAI employees are expected to become employees of Starbucks Coffee Canada.
Starbucks has been a part of the communities in Quebec and Atlantic Canada since the first Starbucks location opened its doors in 1997. As of the end of the second quarter, March 30, 2008, there were 900 company-operated and licensed stores throughout Canada.
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