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Arbitrator Says Starbucks Corp Must Pay Kraft Foods Group Inc In Grocery Fight - Reuters


Tuesday, 12 Nov 2013 04:48pm EST 

Reuters reported that Starbucks Corp said on November 12, 2013 an arbitrator has concluded that it must pay Kraft Foods Group Inc $2.23 billion in damages plus $527 million in prejudgment interest and attorneys fees after the coffee chain's early termination of the companies' grocery deal. Kraft began selling bags of Starbucks coffee in grocery stores beginning in September 1998. Starbucks prematurely ended the contract in March 2011 and gave the business to privately held Acosta Inc. Starbucks accused Kraft of multiple material breaches of contract, including mismanaging the brand. Kraft denied any breach and said that if Starbucks wanted out, it must pay Kraft fair value for the business, which brought in $500 million a year in revenue. The deal's initial term was set to expire in March 2014. The agreement was to renew automatically for successive 10-year terms unless sooner terminated per the agreement. 

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