Starbucks to acquire half of Barnie's locations.
Starbucks Corp. reports that it is buying 56 of Barnie's Coffee & Tea Co. locations, most of them in Florida Florida, state, United States
Florida (flôr`ĭdə, flŏr`–), state in the extreme SE United States. A long, low peninsula between the Atlantic Ocean (E) and the Gulf of Mexico (W), Florida is bordered by Georgia and , for an undisclosed price. Barnie's c.e.o., Neal Leach, says the sale was "an effort to re-position the company to better focus on our core objectives. He also confirmed that the Barnie's brand is not going away, and that all other portions of the Barnie's system, including some company stores, will continue to operate. Man Hilowitz, a Starbucks spokesman, says the agreement is strictly a real estate transaction and that none of Barnie's inventory or branded products are involved in the deal.
Barnie's, when recently reported, said it had more than 100 company-owned and franchised retail locations domestically and internationally. The company reported revenue of $67.3 million for its most recent fiscal year. In the last two years, they have also opened stores in New York New York, state, United States
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , Indonesia, Jordan, Kuwait, Saudi Arabia Saudi Arabia (sä`dē ərā`bēə, sou`–, sô–), officially Kingdom of Saudi Arabia, kingdom (2005 est. pop. and Ireland. Additional stores are planned for China, India, Korea, Mexico, Europe and South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. , as well as another 25-plus stores in the U.S.
Founded in 1980, Barnie's was acquired by Sara Lee
Sara Lee Corporation (NYSE: SLE) is a global consumer-goods company based in Downers Grove, Illinois, USA. Corp. in 1995. In 2001, Barnie's was sold to Leach, a former Blockbuster block·bust·er
1. Something, such as a film or book, that sustains widespread popularity and achieves enormous sales.
2. A high-explosive bomb used for demolition purposes.
3. franchisee, who has led the strategy of international expansion, as well as in adding franchisees.
Last fall, the company signed an agreement with REY-food of Istanbul to open a franchise in Istanbul, Turkey, with the goal of opening 11 more by the end of this year, and a total of 60 locations.