Starbucks steps back from music business

Starbucks Corp. will pull back on its entertainment division, turning over the day-to-day management of its Hear Music record label to Concord Music Group.
Starbucks started the Los Angeles-based music label in March 2007 and had signed such acts as former Beatle Paul McCartney. Concord, of Beverly Hills, Calif., will assume responsibility for current and future Hear Music artists.

Ken Lombard, who ran Hear Music for the past year, “has left the company to pursue other business interests,” said officials at the Seattle coffee giant (NASDAQ: SBUX), in a statement. [Business Journal]

The announcement came with news that their stock is not doing that great anymore.