[ad_1]
Starbucks has confirmed it has decided to exit Russia, 12 weeks after the coffee shop chain revealed it had closed all its stores in the country amid the backlash over the war in Ukraine.
The company said on Monday that it would wind down its operation in the country – ending 15 years of trading in Russia.
It marked a different approach to other Western brands heading for the door as a range of sanctions rain down on Moscow from national governments and the European Union.
McDonald’s revealed last week that it would sell off its 847 restaurants as its investment in the country was “no longer tenable” nor “consistent” with its values.
A McDonald’s golden arches sign is dismantled in a town outside Moscow
It later revealed that a buyer had been found. The internationally famous golden arches branding was seen being taken down at a closed restaurant in Khimki, outside Moscow, on Monday.
Carmaker Renault said that while it was offloading its majority stake in Russia’s biggest carmaker, it had retained an option to buy back the stake in future.
Shell and BP are among UK listed firm withdrawing from the Russian market.
Starbucks has 130 stores in Russia which are operated by a licensee.
The operation employs 2,000 staff.
Starbucks said that it would continue to support its employees there, including paying them for six months.
It did not publish any information on the financial impact of its decision.
[ad_2]