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S.Africa's Taste Holdings plans to exit food business, sells Starbucks

South Africa's Taste Holdings said on Friday it had sold its Starbucks business for 7 million rand ($464,200) and was also considering selling others in its food business, including Domino's Pizza, as part of a new plan to become a luxury retail group.

JOHANNESBURG, Nov 1 (Reuters) - South Africa's Taste Holdings TASJ.J said on Friday it had sold its Starbucks business for 7 million rand ($464,200) and was also considering selling others in its food business, including Domino's Pizza, as part of a new plan to become a luxury retail group.

The company said in a statement that it could not secure the capital required to fund its previous strategy aimed at bringing Starbucks and Domino's to break-even.

($1 = 15.0798 rand)

(Reporting by Emma Rumney; Editing by Christian Schmollinger)

((Emma.Rumney@thomsonreuters.com; +27115952832;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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