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Starbucks to pay $2.3 billion to Kraft
New York -- Starbucks Coffee Company said it would pay Kraft Foods $2.79 billion to settle a dispute over the coffee-shop chain’s bagged-coffee business.
The payment, ordered by an arbitrator, consists of $2.23 billion in damages and $557 million in interest and attorneys’ fees. The company said it has adequate liquidity, both in the form of cash on hand and borrowing capacity, to fund the payment and will book it as a charge to its fiscal 2013 operating expenses.
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Retail imports up 6.5% in October
Washington, D.C. -- Import volume at the nation’s major retail container ports grew 6.5% in October over the same month last year despite the government shutdown, and year-over-year increases are expected to continue for the remainder of the year, according to the monthly Global Port Tracker report released by the National Retail Federation and Hackett Associates.