Starbucks buys out 2 Canadian licenseesStarbucks buys out 2 Canadian licensees

TORONTO Starbucks' Canadian division said it has agreed to buy the assets and development rights from two licensees in a transaction that will bring about 40 locations under corporate ownership.

The Canadian licensees, Coffee Vision Inc. and Coffee Vision Atlantic Inc., operate stores in Quebec and the Atlantic provinces of Canada. Their more than 740 workers will become Starbucks Coffee Canada employees as part of the deal, which is scheduled to close in August.

As of March 30, there were 900 company-owned and licensed Starbucks locations throughout Canada.