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Following widespread boycotts by Malaysians over perceived ties to Israel, international coffee giant Starbucks saw a staggering 34% decline in sales.
Activist Shen Yee Aun revealed that Starbucks Malaysia’s average quarterly revenue dropped from RM278 million to RM182 million post-boycott, marking a significant RM96 million decrease.
Notably, the financial woes extended globally, with a reported $11 billion loss in 2023. As a major contributor to Berjaya Corp Bhd’s stock market, its plummeting business also caused a 50% decline in Berjaya Corp’s shares.
With mounting debts and dwindling cash reserves, Starbucks faces uncertain financial prospects. In Malaysia, the company’s accounting audit in 2023 saw that their cash reserve in the bank is only RM30 million. “But they have a debt liability of RM287 million that needs to be paid within one year,” says the activist who spoke to a local portal.
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