{"id":19068,"date":"2022-04-04T07:51:33","date_gmt":"2022-04-04T14:51:33","guid":{"rendered":"https:\/\/marketdepth.com\/?p=19068"},"modified":"2022-04-04T07:51:34","modified_gmt":"2022-04-04T14:51:34","slug":"starbucks-announced-halt-of-share-buyback-program","status":"publish","type":"post","link":"https:\/\/marketdepth.com\/starbucks-announced-halt-of-share-buyback-program\/","title":{"rendered":"Starbucks Announced Halt of Share Buyback Program"},"content":{"rendered":"\n
Starbucks (NASDAQ: SBUX)<\/strong> announced the halt of its share buyback program effective immediately, after founder Howard Schultz assumed the role of interim CEO Monday, for a third time. Schultz revealed the news in a letter to employees. Shares fell almost 3% during premarket trading following the news.<\/p>\n\n\n\n \u201cThis decision will allow us to invest more into our people and our stores \u2014 the only way to create long-term value for all stakeholders,\u201d<\/p>Founder, Howard Schultz<\/cite><\/blockquote>\n\n\n\n The move comes as the company faces a union push from its workers. Currently, nine of its establishments have voted to unionize, including a cafe in its hometown of Seattle. Additionally, over 180 company-owned locations have also filed petitions for a union election, though overall that remains a small fraction of the 9,000 Starbucks within the U.S.<\/p>\n\n\n\n President Joe Biden, along with other Democratic leaders have been vocal on their position against buybacks. Furthermore, in a recent statement, Senator Bernie Sanders touched on the surplus of buybacks and the need for unions.<\/p>\n\n\n\n \u201cIf Starbucks can afford to spend $20 billion on stock buybacks and dividends \u2026 it can afford a unionized workforce,\u201d Sander said. <\/p>\n","protected":false},"excerpt":{"rendered":"Starbucks (NASDAQ: SBUX) announced the halt of its share buyback program effective immediately, after founder Howard Schultz assumed the role of interim CEO Monday, for a third time. Schultz revealed the news in a letter to employees. Shares fell almost 3% during premarket trading following the news. \u201cThis decision will allow us to invest more… View Article<\/a>","protected":false},"author":3,"featured_media":19069,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"pmpro_default_level":0,"footnotes":""},"categories":[10,31,17,11,16],"tags":[],"acf":[],"yoast_head":"\nGovernment Against Buybacks<\/h5>\n\n\n\n