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Starbucks expanding in Latin America
Seattle -- Starbucks Coffee Company is expanding its presence in Latin America, with plans to open locations in Colombia, Bolivia and Panama.
Starbucks said it is on track to open its first store in Colombia, in the city of Bogota, in mid-summer 2014 through a joint venture between two of its longest-term business partners in the Latin America region – Alsea and Grupo Nutresa. During the next five years, the joint venture plans to expand aggressively in Bogota and to other major cities in Colombia.
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Abercrombie CEO pay drops 72% on falling profits
New Albany, Ohio -- Abercrombie & Fitch Co. CEO Michael Jeffries saw his pay shrink 72% in 2013, according to a filing by the company on Tuesday.
The teen retailer has recorded declining sales and profits, and Jeffries has come under fire. His total compensation last year was $2.24 million, down from $8.16 million in the previous year and $48.1 million in Abercrombie’s fiscal 2011. He was paid more than $20 million a year in the three years before that, according to the report.