Starbucks buys out Magic Johnson's interest in coffee shops

10/21/2010 | Bloomberg Businessweek

Starbucks said Thursday it has acquired the remaining 50% stake in Urban Coffee Opportunities previously owned by Magic Johnson Enterprises. UCO was formed 12 years ago by the two companies in an effort to open Starbucks shops and provide jobs in underserved communities. The partnership resulted in 100 stores in cities across the country, including shops in Chicago and Los Angeles.

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