Starbucks is the latest multinational chain to cut ties with Russia.
As Russia continues its invasion of Ukraine, the country’s global image has soured, to say the least. Major multinational corporations and businesses have been pulling their dealings out of Russia one after the other, some out of fears of being nationalized, others out of a desire to no longer be associated with an invading country. The latest company to sever ties with Russia over their invasion is another fast food giant, Starbucks.
Starbucks is pulling out of Russia, officially closing its 130 stores there.https://t.co/iGDwVk7IgV
— NPR (@NPR) May 23, 2022
After pausing their operations and halting product export to Russia back in March, Starbucks announced today that they are officially pulling all of their business dealings out of the country. Starbucks made its position rather succinctly, stating that it “has made the decision to exit and no longer have a brand presence in the market.”
All of the 130 partner-operated Starbucks locations in Russia will be shuttered, while the approximately 2,000 employees will still be paid for another six months. Starbucks also intends to assist these employees in finding new work after these payments end.
After 15 years of operating in Russia, Starbucks will exit the market, joining companies like McDonald’s, Exxon Mobil and British American Tobacco in withdrawing from the country completely. https://t.co/He4q96Fokp
— NBC News (@NBCNews) May 23, 2022
This departure follows another high-profile conclusion last week, when fast food giant McDonald’s announced their own departure from Russian soil. It is not known if Starbucks will follow McDonald’s’ example and sell off their real estate for generic coffee shop locations.
Biden Signals Potential Military Support for Taiwan
Release Date Leaks for Nothing Phone 1
-
Netflix shares came under pressure on April 15 after the company released its latest quarterly earnings and announced a...
-
Credit: Shutterstock This is the kind of market reaction investors often hope for: strong economic data without a panic...
-
Wall Street kicked off the second quarter with one of its strongest opening sessions in months, delivering a sharp...
-
Where it begins There is a particular kind of developer in Philadelphia that does not announce itself loudly. Rather,...
-
Indian stock markets posted strong gains on March 25, signaling renewed confidence among investors after a period of volatility...
-
The latest Federal Reserve meeting landed right in the middle of a sensitive moment for markets. On March 18,...
-
Technology stocks staged a notable rebound in early March as investor confidence returned to the artificial intelligence sector. Strong...
-
Several universities in Hong Kong have expressed support for a government plan to launch short term study tours designed...
-
Credit: Shutterstock When Albert Einstein reportedly called compound interest the “eighth wonder of the world,” he wasn’t talking about...
-
Credit: Shutterstock If “Trump Accounts” weren’t on your radar before, they probably are now. After a high-profile Super Bowl...
-
Credit: Shutterstock Gold prices surged to a historic high this week, crossing the $5,300 per ounce threshold as strong...
-
Credit: Shutterstock Bitcoin, the world’s largest cryptocurrency, has stumbled below the closely watched $89,000 level, reminding investors just how...
