Starbucks Starbucks, along with its partner Delek Group of Israel, closed all six of its locations in Israel, citing "on-going operational challenges" and a "difficult business environment." The Starbucks location in the former imperial palace in Beijing closed in July 2007. The coffee shop had been a source of ongoing controversy since its opening in 2000 with protesters objecting that the presence of the American chain in this location "was trampling on Chinese culture." In July 2008, the company announced it was closing 600 underperforming company-owned stores and cutting U.S. expansion plans amid growing economic uncertainty. On July 29, 2008, Starbucks
Saks, Inc. rebranded them under their own name in the third quarter of 2007. On November 5, 2008, Saks announced the closure of the unprofitable Club Libby Lu chain. On July 29, 2013, Toronto-based Hudson's Bay Company announced that it will buy Saks Incorporated for US$2.4 billion. Saks, Inc. Saks, Inc., originally Proffitt's Inc. until 1998, was a Fortune 1000 operator of high-end department stores in the United States under the nameplate Saks Fifth Avenue. It was founded in Birmingham, Alabama. Hudson's Bay Company acquired Saks in November 2013. Proffitt's Inc. began as five Proffitt's stores in the Knoxville, Tennessee metropolitan area.