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Coffee Box is the latest coffee chain store to be in trouble following Luckin Coffee in China.
According to latest news, this internet-based coffee brand is in financial distress and has closed many of its stores with only 4 stores left in Beijing and 6 in Shanghai. Its flagship store in Beijing is also one of the stores closed.
In January 2019, Coffee Box had over 400 stores spread over Beijing, Shanghai, Guangzhou, Shenzhen and Hangzhou.
The signs of trouble became clear late last year when it started to delay payment to coffee bean suppliers, and its product quality started to deteriorate. In April, the company denied that it was in financial difficulties and claimed that it closed the stores temporarily due to COVID-19 pandemic.
