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Starbucks buys out Atlantic operations
TORONTO—Coffee Vision Inc. (CVI), and its subsidiary, Coffee Vision Atlantic Inc. (CVAI), headed up by Michael Aronovici, has sold its 40 Starbucks stores in Quebec and Atlantic Canada to Starbucks Coffee Canada.
The deal gives Starbucks full development and operating rights to the two companies, and affects more than 740 management and staff who now work directly for Starbucks.
A purchase price for CVI and CVAI was not released when the deal, which closes on August 25, was announced in late May.
The 40 affected stores will move from licensed locations to company-owned and operated.
“I am proud of what we’ve created in Quebec and Atlantic Canada and so grateful to our employees for their dedication and commitment,” Aronovici said in a statement.
“This is a great time for Starbucks Canada to step in and continue growing the business. This is also an exciting time for me and my team. Over the last 18 years, we’ve been tremendously successful at growing great restaurant brands, including Starbucks, and we’re thrilled with our future prospects.”
Aronovici, who is also the president of the Canadian Restaurant and Foodservices Association, opened his first Starbucks location in eastern Canada in 2000.
“CVI and CVAI have been great partners for us, and their employees have done a tremendous job creating an environment that truly delivers the Starbucks Experience,” said Starbucks Canada president Colin Moore in media release.
“Specifically, the ‘Café Starbucks Coffee’ brand and the unique offerings in Quebec have demonstrated our respect for the local culture and tradition,” Moore said.
“We’re very grateful to Michael Aronovici and his team for all they have done to build our brand in Quebec and Atlantic Canada,” Moore added.
“The future for Starbucks in these provinces is very bright, and we look forward to continuing the Starbucks tradition of community involvement to these markets.”
As of March 30 there were about 900 company-operated and licensed Starbucks stores in Canada.
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