The Los Angeles Times reports that Magic Johnson has divested his interest in Starbucks, selling 105 "franchises" back to the company, according to an anonymous source.
The Los Angeles Times reports that Magic Johnson has divested his interest in Starbucks, selling 105 “franchises” back to the company, according to an anonymous source.
Johnson was possibly the only individual to hold ownership in a group of Starbucks stores. Unlike other fast-food chains such as McDonald’s, Starbucks works almost exclusively with large corporate partners who run thousands of its shops in airports, bookstores and many markets overseas. The coffee company calls them licensed stores, not franchises.
News of the sale follows Johnson’s sale of a 4.5 percent ownership stake in the Los Angeles Lakers, valued at about $27 million, the newspaper said.
Starbucks teamed with Johnson in 1998 to develop cafes in inner-city neighborhoods all over the country. At that time, they planned to split ownership of the stores 50/50.
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