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Financing

Luckin Coffee gets another delisting notice

Nasdaq wants to remove the troubled chain after it failed to file its annual report, the second such notice for the Chinese company.

Financing

Starbucks takes on a changed consumer

By building more drive-thrus in suburbs and changing its urban strategy, the coffee giant is hoping to catch consumers as they use restaurants, says RB’s The Bottom Line.

The coffee giant plans to close up to 400 locations and replace them with new types of stores in different locations, while the pandemic has cost the chain $3 billion in revenues.

Many concepts, like Starbucks and McDonald’s, were developed on commuting patterns. A more remote workforce would upend those assumptions, said RB’s The Bottom Line.

The coffee chain, which late last year was merged with fellow JAB Holding-owned Jacobs Douwe Egberts, would be worth more than $17 billion.

Nasdaq notified the troubled coffee giant that it would be delisted, and the company plans to appeal.

The Chinese company terminated CEO Jenny Zhiya Qian and COO Jian Liu and suspended six more employees who knew of fabricated transactions.

The coronavirus has cost it more than $900 million in revenue, and the company said things will get worse before they get better.

The coffee giant plans to open with modified operations and safety measures as it shifts to a new phase in its coronavirus response.

The company said same-store sales fell as much as 70% in the last week of March as the coronavirus shutdown took hold.

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