NEWS
Starbucks to Officially Exit Russia
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After fifteen years, Starbucks has announced it will officially exit the Russian market.
The Seattle-based coffee company has 130 stores in Russia, Reuters reports and employs approximately 2,000 people.
The company shuttered its Russian stores in March following Moscow’s invasion of Ukraine.
In a brief statement, Starbucks said it “has made the decision to exit and no longer have a brand presence in the market.”
The company also revealed they would continue to pay employees in the country for six more months and help them look for new jobs outside of the company, CNN reports.
According to Reuters, just last week, McDonald’s announced it would be selling its Russian businesses to an existing licensee, who will open the restaurants with new branding.
“The humanitarian crisis caused by the war in Ukraine, and the precipitating unpredictable operating environment, have led McDonald’s to conclude that continued ownership of the business in Russia is no longer tenable, nor is it consistent with McDonald’s values,” McDonald’s said in a statement.
