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
-
High-end liquor boosted sales by 11%. Beam Suntory, one of the largest producers of distilled beverages in the entire...
-
The CEO apologized to company shareholders. After a recent earnings guidance report, European food delivery company Delivery Hero suffered...
-
Reports of stalled growth have sent Meta reeling. For the fourth quarter, Facebook released its earnings under its new...
-
Mattel has won back the lucrative license from Hasbro. Back in 2016, Mattel lost the rights to produce dolls...
-
James Iannazzo hurled slurs and threats at the workers of a smoothie shop. On Sunday, Merrill Lynch financial advisor...
-
Walmart is planning for the advent of the Metaverse. Massive retail chain Walmart filed several trademarks at the tail-end...
-
The retailer is expecting an underwhelming quarter. Athletic apparel retailer Lululemon stated in a press release today that the...
-
Wood is cheaper, but prices remain firm. Lumber prices have tumbled in the last several months, erasing any gains...
-
Apple and Google can no longer force app developers to use their payment methods. A major point of contention...
-
The company reclaimed over $100 million from Steve Easterbrook. Back in 2019, McDonald’s CEO Steve Easterbrook was terminated from...
-
Vishal Garg is in hot water for his treatment of employees. Last week, Vishal Garg, CEO of startup mortgage...
-
The revived toy retailer will open a two-level location in the American Dream mall. At the beginning of 2021,...