After reporting worse-then-projected quarterly and yearly sales on Thursday, Starbucks, the Seattle company best known for killing Christmas every year, announced plans to unload its Tazo tea brand to Unilever for $384 million.
Sales at American Starbucks cafés increased just 2 percent for the quarter, which is half the rate as the same period last year and less than the 3.2 percent growth rates analysts had predicted. In 2015, the same quarter showed a 9 percent increase in sales. In response to disappointing growth, Starbucks lowered it's long term profit forecast. The company will, however, continue to expand, especially in Asia, where it expects to add 2,300 locations next year.
The company's stock price fell 4 percent on Friday before rebounding 2 percent. According to the Puget Sound Business Journal, Starbucks employs over 5,000 people at its headquarters at the recently opened Starbucks Center, formerly known as the SODO Center.