Dutch Bros will not increase its offer for 65 bankrupt Salad and Go locations across four states. This decision effectively ends the company's pursuit of the drive-thru sites.
A rival bid from coffee chain 7 Brew pushed the sale into a court-supervised auction. Dutch Bros previously held a $105 million agreement to purchase the property portfolio in early August.
CEO Christine Barone cited a disciplined approach to capital allocation for the withdrawal. Barone signaled that bidding exceeded the price the company was willing to pay. Dutch Bros reaffirmed its long-term growth targets despite the failed acquisition.