Starbucks Korea’s Historic Loss and Fallout | Business and Finance News

Starbucks Korea just posted its first-ever quarterly loss in 27 years, hemorrhaging 18.4 billion won after a controversial “Tank Day” promotion tied to the Gwangju Uprising — a move that enraged the public, drew condemnation from President Lee Jae Myung, and led to the firing of its CEO and a televised apology from Shinsegae Group. The fallout was so severe that police raided their Seoul offices, and the company shut down all 2,000+ stores for a day to train staff on Korean history and social awareness — a dramatic pivot for a brand once seen as culturally neutral. Listen in comfort:Get a discount on a Soli Pillow: http://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/9d1b23de028fd750