On July 6, Starbucks fell 3.14% in regular trading, trading at $100.925/share, with turnover of $72.59 million.
The decline came amid broad-based weakness across the restaurant sector. Wendy's dropped 6.98%, Chipotle Mexican Grill fell 3.66%, and McDonald's declined 2.36%, reflecting systematic selling pressure across the industry.
Adding to the headwinds, reports emerged that former Sam's Club Chief Merchandising Officer Zhang Qing would join Boyu Capital as an operating partner to participate in the Boyu-Starbucks China joint venture operations. Starbucks responded to the rumor stating it had \"no information\" to share. The joint venture with Boyu Capital completed its closing in April, with approximately 8,000 directly-operated stores set to gradually transition to a franchise model. Market participants remain attentive to any operational leadership changes at the newly formed entity.
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