Magic Johnson sells his share of 100+ inner-city Starbucks back to the company

Magic Johnson Enterprises, partnering with Starbucks, has opened more than 100 Starbucks stores in city neighborhoods like New York's Harlem, Crenshaw in Los Angeles and Bronzeville in Chicago, and across the country, since 1998.

Now comes word that Starbucks is buying back Basketball Hall of Famer Earvin "Magic" Johnson's share of the venture, and will be going it alone.

The development partnership has been aimed at economic stimulation and social growth in underserved neighborhoods by building Starbucks stores to serve as gathering places and by giving local residents jobs with health benefits.

Magic Johnson Enterprises reportedly plans to continue working with Starbucks on community development.

Sources: Businessweek and Los Angeles Times

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