June 26, 2022

Herald of Fashion

Complete US News World

Starbucks is leaving Russia forever

Starbucks is leaving Russia forever
The coffee company Temporarily suspended operations It halted shipments of its products to Russia in March. Starbucks said in a brief statement on Monday that it “has made the decision to exit and the brand no longer has a presence in the market.”

Employees in the state, who number about 2,000, will receive their salaries for another six months. Starbucks will also help them find new jobs outside the company.

Starbucks first opened in Russia in 2007. As of March, it had 130 Russian locations, all owned and operated by a partner.

This step is followed by a similar step by McDonald’s.

Last week, the burger chain said it was Selling its business in Russia After working for more than 30 years in the region. McDonald’s said that “the humanitarian crisis caused by the war in Ukraine, and the accelerated and unpredictable operating environment, have led McDonald’s to conclude that continued business ownership in Russia is no longer tenable, and incompatible with McDonald’s values.”

McDonald’s later announced that it had entered into an agreement to sell the company to its current licensee, who would open restaurants with new brands.

Starbucks (SBUX) And McDonald’s (MCD) Both decided to pause their operations around the same time in March.

At the time, then-CEO of Starbucks, Kevin Johnson, said, “We condemn the horrific attacks on Ukraine by Russia, and our hearts go out to all affected.”

CNN’s Jordan Valinsky contributed to this report

See also  Dow Jones futures: what to do when the market rally dips; Tesla delivery due