New York City Starbucks Coffee Co. said Wednesday its Canadian subsidiary agreed to buy 40 stores from its licensee in Canada, Coffee Vision Inc. and Coffee Vision Atlantic Inc. The financial terms of the deal were not disclosed.
The company said it will turn the stores into company-operated locations.
Starbucks said it will also own all the development and operation rights for retail stores in the Quebec and Atlantic provinces.
Under the terms of the deal, more than 740 Coffee Vision and Coffee Vision Atlantic employees will become employees of Starbucks.
The deal is expected to close on Aug. 25.