Burger King owner presents proposal for possible purchase of Starbucks Brazil business

Recently, the Court ordered the seizure of the assets of the owner of Starbucks Brazil, Kenneth Pope, for a debt of R$71.5 million

SouthRock Capital, a company in judicial recovery that held the management rights of Starbucks stores in Brazil, has accepted the proposal of Zamp, which manages brands such as Burger King and Popeyes in the country, for the possible acquisition of the assets and rights that make up the company will integrate the operations of Starbucks stores in Brazil.

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“The parties have committed to undertake, should the company submit a binding proposal, to negotiate and execute definitive documents detailing the terms and conditions of the acquisition of Starbucks Brasil Assets, which will be subject to judicial recovery procedures, in accordance with the law and the conclusion of definitive contracts with Starbucks Corporation, in addition to other conditions precedent usual in operations of this type,” reads the statement sent to the Securities and Exchange Commission (CVM), according to Estadão Conteúdo.

Recently, the court ordered the seizure of the assets of the owner of Starbucks Brasil, Kenneth Pope, due to a debt of R$71.5 million. The company, which is also the operator of Eataly and Subway in Brazil, entered judicial recovery in 2023 and lost the right to use the Starbucks brand in February, after filing for judicial recovery late last year.

In 2023, more than 55 Starbucks stores that tested negative have been closed in Brazil, as reported by Earth, who had access to a draft of the judicial recovery act of SouthRock, operator of the coffee shop chain. The document, filed in February, shows some of the strategies that will be used to pay creditors against a debt of R$1.8 billion.

Source: Terra

Rose

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