Starbucks sells its second-largest business

Starbucks has just made one of the boldest and most surprising moves since its founding in 1971, despite the company recently revealing plans to close several stores by the end of the year. In July, rumors began circulating that Starbucks was considering a sale of a significant stake in its China business, as first reported by CNBC. According to initial speculation, nearly 30 U.S. and international private equity firms had submitted non-binding offers ranging from $5 billion to $10 billion. Starbucks was ...