A corporate representative clarified that Starbucks Corp. is not formally in the process of selling its UK businesses after The Times reported earlier on Saturday that the coffee brand is considering doing so.

Starbucks continues to “explore strategic options” for its company-owned overseas operations and has not started a “formal sales process” for its UK business, according to the Times story.

The company faces rising costs and competition from rivals like Pret A Manger, Tim Hortons and Costa, the newspaper said.

Starbucks suspended its guidance for the remainder of the fiscal year when it last reported quarterly earnings in May as sales growth missed Wall Street targets due to China’s tough COVID-19 curbs.

Starbucks, which has been dealing with recent unionization efforts of its U.S. workforce, is looking for a permanent CEO while Howard Schultz would remain interim CEO until the end of March.