Submitted by Starbucks Corporation
Company Has Donated Ground Coffee, Ethos(TM) Water and Bottled
Tazo(R) Tea; Schultz Family Foundation Gives an Additional $1 Million
As part of its long-term commitment to aid the relief and recovery efforts following Hurricane Katrina, Starbucks Coffee Company (Nasdaq:SBUX) today announced an initial commitment of $5 million over five years to impacted U.S. Gulf Coast communities. The Company has designated the American Red Cross as the recipient of Starbucks initial $1 million contribution. Howard Schultz, Starbucks chairman, also announced that the Schultz Family Foundation is contributing $1 million for immediate relief and long-term recovery efforts, with $500,000 designated to the American Red Cross and $500,000 to Mercy Corps.
Starbucks is taking a comprehensive approach to support both the immediate relief and long-term rebuilding efforts in the affected areas. In addition to its financial commitment, Starbucks is working closely with the American Red Cross relief effort, as well as Emergency Operations Centers and Federal Emergency Management Agency in the impacted areas. To date, the Company has donated more than 30,000 pounds of ground coffee; 235,000 bottles of Ethos(TM) Water; and 9,600 bottled Tazo(R) drinks to support them in their endeavors.
Many of Starbucks partners (employees) are also volunteering their time to deliver brewed coffee, pastries, bottled water and ground coffee to police and fire rescue personnel, local emergency service providers and utility workers who are working in the affected areas. By doing so, partners are also able to generate monetary contributions from the Company to nonprofit organizations where they volunteer through the Make Your Mark program.
Make Your Mark is a program that encourages partners, friends, families, and customers to volunteer in communities, and rewards the efforts by providing cash contribution from Starbucks to eligible 501(c) (3) organizations. Additionally, the Company will match partner contributions up to $1,000 per calendar year to eligible 501(c)(3)organizations in the United States or Registered Charities in Canada through Starbucks matching program, Choose to Give!
"We are deeply saddened by the tremendous loss of life and devastation caused by Hurricane Katrina," said Schultz. "Starbucks has a long tradition of striving to bring together people and communities where we do business. We extend our heartfelt condolences to the bereaved families and many others impacted by this natural disaster; our prayers and thoughts are with all the families who have lost loved ones."
Schultz continued, "I feel a personal connection to each of our several hundred Starbucks partners and family members, as well as the community of neighbors they serve, who are victims of this disaster.
Today, I am announcing a $1 million personal contribution from my family foundation to support the relief efforts."
Starbucks is also providing financial support to its affected partners through the CUP Fund - Caring Unites Partners. The CUP Fund helps partners cope with the effects of natural disasters or other catastrophes with cash grants. The Company has made a special contribution to the existing CUP Fund to help its partners and their families rebuild their lives. While in the normal course of business these grants are limited to $1,000, because of the enormous magnitude of this event, affected partners will be eligible to receive grants of more than $1,000 based on their needs and situation, and the Company is expediting requests for immediate assistance.
Starbucks is also actively working on sourcing and providing temporary housing, reaching out with its Employee Assistance Program to offer emotional support, and granting an initial payout in the amount of $500 to those who have not already received other CUP Fund grants.
Additionally, Starbucks is extending impacted partners' benefits, pay and other emergency assistance during these extraordinary circumstances. Displaced partners are working shifts in other stores when appropriate, and the Company is continuing to work closely with partners who have been impacted to help find solutions to their needs.
Finally, Starbucks has implemented a way for customers to make donations at the register to the Emergency Relief Fund, which will benefit the American Red Cross, at Starbucks North America Company-operated stores and Seattle's Best Coffee company-operated cafes.
About Starbucks Coffee Company
Starbucks Coffee Company is the leading retailer, roaster and brand of specialty coffee in the world, with more than 9,500 retail locations in North America, Latin America, Europe, the Middle East and the Pacific Rim. The Company is committed to offering the highest quality coffee and the Starbucks Experience while conducting its business in ways that produce social, environmental and economic benefits for communities in which it does business. In addition to its retail operations, the Company produces and sells bottled Frappuccino(R) coffee drinks, Starbucks DoubleShot(R) espresso drink, and a line of superpremium ice creams through its joint venture partnerships. The Company's brand portfolio provides a wide variety of consumer products--innovative superpremium Tazo(R) teas and exceptional compact discs from Starbucks Hear Music(TM) enhance the Starbucks Experience through best-of-class products. The Seattle's Best Coffee(R) and Torrefazione Italia(R) coffee brands enable Starbucks to appeal to a broader consumer base by offering an alternative variety of coffee flavor profiles.
Copyright Business Wire 2005
It's the way we do business Contributing positively to our communities and environment is so important to Starbucks that it's a guiding principle of our mission statement. We jointly fulfill this commitment with partners (employees), at all levels of the company, by getting involved together to help build stronger communities and conserve natural resources.
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