Starbucks said on Monday it would exit the Russian market after nearly 15 years, with the coffee chain joining McDonald’s marking the end of some of the country’s top Western brands.
Seattle-based Starbucks has 130 stores in Russia, operated by its licensee Alshaya Group, with nearly 2,000 employees in the country.
Starbucks’ decision to end its Russian operations is different from the approach some other foreign companies have taken.
In March, Starbucks closed its stores and suspended all business activities in Russia, including shipping its products to the country, following Moscow’s invasion of Ukraine.
The company, which opened its first store in Russia in 2007, said it would continue to support its employees there, including paying them for six months.
Starbucks did not provide details on the financial impact of the exit.
McDonald’s had said it would receive a non-cash charge of up to $1.4 billion.
Source: CNN Brasil
I am Sophia william, author of World Stock Market. I have a degree in journalism from the University of Missouri and I have worked as a reporter for several news websites. I have a passion for writing and informing people about the latest news and events happening in the world. I strive to be accurate and unbiased in my reporting, and I hope to provide readers with valuable information that they can use to make informed decisions.
