Starbucks Sells to Nestlé the Rights to Offer Its Coffee in Stores for $7 Billion

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Starbucks Sells to Nestlé the Rights to Offer Its Coffee in Stores for $7 Billion

Starbucks Corp. is doubling down on coffee shops as competition among restaurants and cafes heats up.

Seattle-based Starbucks said Monday that it will sell the rights to offer its coffee and tea in grocery and retail stores to Nestlé SA for more than $7 billion.

Sales have been slowing at Starbucks coffee shops in the U.S. amid declining…

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