12:45 PM EST, 03/06/2024 (MT Newswires) -- (Updates to include statement from Starbucks ( SBUX ) in the third paragraph.)

Starbucks ( SBUX ) shareholder Strategic Organizing Center, or SOC, said Tuesday it is withdrawing its three nominations to the Starbucks ( SBUX ) board to allow the company to focus on enhancing its relationship with its workers and value for shareholders.

The SOC, a coalition of labor groups, noted the agreement between the company and the Workers United union last Tuesday "represents meaningful progress that will benefit all stakeholders."

Starbucks ( SBUX ) said it appreciates the SOC's decision as it noted that its board remains focused on "driving long-term value for all stakeholders."

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