Starbucks Corp is considering selling its UK assets as it confronts competition from upstart competitors, according to The Times, citing sources.

According to the article, the coffee chain has engaged Houlihan Lokey Inc to solicit interest for its UK business, and the company has been competing with other coffee chains such as Pret A Manger, Tim Hortons, and Costa.

According to the report, Starbucks’ UK division supervises over 1000 coffee shops in the UK and employs over 4000 employees.

According to the Times, the company has not begun a “formal sales process” for its UK operations and is continuing to “explore strategic options” for its corporate-owned worldwide operations.

Outside of business hours, the corporation did not immediately respond to Reuters’ request for comment.

In its latest quarter results release, the company halted its fiscal year projection after missing Wall Street targets owing to China’s harsh COVID-19 limitations, which hurt their sales in the country.

The firm, which has been coping with recent unionisation efforts among its U.S. staff, is seeking for a permanent successor, with Howard Schultz serving as temporary CEO in the meanwhile.

(Adapted from EuroNews.com)