tldrdaily.news logo
Tag

Alshaya Group

All articles tagged with #alshaya group

business1 year ago

Starbucks Franchisee in Middle East to Lay Off 2,000 Workers Amid Gaza Boycott

The Middle East franchisee of Starbucks, Alshaya Group, is firing around 2,000 workers at its coffee shops across the region due to challenging trading conditions exacerbated by being targeted by activists during the Israel-Hamas war. The layoffs represent just over 10% of its staff, and the company has been trying to counter false information being spread online. Starbucks revenue rose 8% to a record $9.43 billion for the October-December period, but it was lower than analysts had forecast, likely due in part to activist boycotts.

via NBC News|
#activist-boycott#alshaya-group#business
business1 year ago

Starbucks Middle East Franchisee AlShaya to Cut Over 2000 Jobs

AlShaya Group, the franchisee for Starbucks in the Middle East, plans to lay off over 2,000 employees, about 4% of its workforce, due to tough trading conditions linked to consumer boycotts related to the Gaza war. The job cuts are mostly concentrated in its Starbucks franchise in the Middle East and North Africa. The company, which operates around 2,000 Starbucks outlets in 13 countries, has been impacted by boycott campaigns following the conflict between Israel and Hamas. U.S. private equity firm Apollo Global Management Inc has been in talks to buy a stake in AlShaya's Starbucks business.

via Reuters|
#alshaya-group#boycotts#business
business2 years ago

Chipotle Expands into Middle East with Franchise Partnership

Chipotle has signed an agreement with Kuwait-based Alshaya Group, its first-ever franchise partner, to open locations in the Middle East next year. The initial plan is to open two locations each in Dubai and Kuwait, with the possibility of expanding further if successful. Chipotle chose Alshaya Group due to its market experience and commitment to Chipotle's "Food with Integrity" proposition. While this marks Chipotle's first franchise partnership, there are no plans to pursue franchising in the U.S. as the company has the capital and capability to handle growth on its own. Chipotle stock has seen a significant increase in 2023 and is performing well in the restaurant sector.

via CNBC|
#alshaya-group#business#chipotle