15
May
Starbucks asks for rent relief after reporting $915M loss due to coronavirus
Starbucks Corp. sent a letter May 5 to its landlords requesting rent relief for at least a year, according to the Seattle Times.
The request came one day after it announced the majority of its U.S. stores would reopen by June.
The Seattle-based coffee chain estimated in an April 28 earnings call it had lost $915 million due to the outbreak of coronavirus comparing actual fiscal results in the second quarter to a previous forecast. For the second quarter that ended March 29, the company’s revenue…
Source: Arizona Business Journal
