coffee

Financing

Luckin Coffee fires its top 2 executives after fraud investigation

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

Financing

Starbucks hit with a rare sales decline as pandemic shuts stores

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.

The tech-centric coffee chain out of China said it fabricated some of its transactions last year.

Workers who continue to come to work at the chain’s open locations will get an extra $3 an hour in "service pay" through April 19.

The coffee chain is going to a drive-thru-only model for at least two weeks and will pay workers for the next 30 days whether they come to work or not.

The company is extending royalty and ad fund payments to help operators conserve cash.

The chain is going to a takeout-only model to reduce the spread of the coronavirus as chains focus increasingly on drive-thru and delivery.

Parent company Restaurant Brands International is devoting time to a brand that has generated “disappointing results” in recent quarters.

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