Starbucks, the international coffee chain, is amongst the many major companies hit by boycotts following its announcement of full support for the Israeli occupation army in an official company statement.
Boycott campaigns have caused Starbucks to lose up to US$11 billion in value, according to The Economic Times.
After dropping for 12 successive stock market sessions—the longest run since the business went public in 1992—Starbucks’ stock is now trading at about $95.80 per share, below its yearly high of $115.
Starbucks chains around the world have suffered under the boycott campaigns and an internal employee strike, causing declining demand.
Subsequently, Starbucks decided to lower the price of the products through offers, reducing the company’s market value to $10.98 billion.
“The repercussions of the boycott have transcended borders, with Starbucks in Egypt reportedly downsizing its workforce due to financial strains induced by the boycott’s ripple effects,” The Economic Times reported on Thursday.
Starbucks, however, has refused to support Palestine or collect donations for Gaza.
The management of the coffeehouse chain has even decided to file a lawsuit against its employees’ union, on charges of their support for Palestine and the Hamas movement.
The Starbucks chain has more than 35,000 branches around the world in 86 countries, most of them are located in the US.
Source: Egypt Independent
