(Bloomberg) -- Starboard Value, an investment firm with a history of taking activist positions in companies, has a stake in Starbucks Corp., according to a report.
The number of shares owned by Starboard or its intentions couldn’t be learned, according to the Wall Street Journal, which cited people familiar with the matter.
A spokesperson for Starbucks declined to comment. Starboard couldn’t immediately be reached for comment. Starbucks shares rose 2.9 per cent at 4:55 p.m. in after hours trading in New York.
Starbucks is already contending with activist Elliott Investment Management, with which the company has had “constructive” conversations, Chief Executive Officer Laxman Narasimhan told investors in late July.
The chain is struggling with a pullback in demand that has resulted in two consecutive quarters of sales declines at stores open for at least a year. The company has also faced criticism from Howard Schultz, its former CEO and biggest individual investor, as he publicly chided senior leadership for the company’s performance.
(Updates with Starbucks performance starting in fourth paragraph.)
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