Starbucks asks for rent relief after reporting $915M loss due to coronavirus

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Posted at 8:51 AM, May 18, 2020
and last updated 2020-05-18 11:51:01-04

Starbucks Corp. sent a letter May 5 to its landlords requesting rent relief for at least a year, according to the Seattle Times.

The request came one day after it announced the majority of its U.S. stores would reopen by June.

The Seattle-based coffee chain estimated in an April 28 earnings call it had lost $915 million due to the outbreak of coronavirus comparing actual fiscal results in the second quarter to a previous forecast.

For the second quarter that ended March 29, the company’s revenue recorded a loss of $310 million compared to a similar period the year before.

Read more from the Phoenix Business Journal.