Starbucks to Exit Russia, , Close 130 Licensed Locations.
On May 23, Starbucks announced
that it will exit the Russian market
after 15 years of operation. .
NBC reports that Starbucks has now joined
the ranks of western companies to withdraw
from Russia, including McDonald's and Exxon Mobil. .
NBC reports that Starbucks has now joined
the ranks of western companies to withdraw
from Russia, including McDonald's and Exxon Mobil. .
NBC reports that Starbucks has now joined
the ranks of western companies to withdraw
from Russia, including McDonald's and Exxon Mobil. .
Starbucks currently
has 130 locations
throughout Russia. .
NBC reports that all of those locations
are licensed and not operated directly
by the Seattle-based company. .
NBC reports that all of those locations
are licensed and not operated directly
by the Seattle-based company. .
According to Starbucks, the company
will continue to pay its nearly 2,000 Russian
workers for an additional six months.
The company also said that it will
help workers transition to new
opportunities outside of Starbucks.
NBC reports that Starbucks' business in Russia only accounts for 1% of the company's annual revenue. .
Meanwhile, McDonald's suspension of its operations
in Russia and Ukraine cost the company
$127 million in first quarter revenue.
Meanwhile, McDonald's suspension of its operations
in Russia and Ukraine cost the company
$127 million in first quarter revenue.
The Russian and Ukrainian
markets reportedly accounted
for 9% of McDonald's revenue in 2021. .
The fast-food chain
operated approximately
850 restaurants in Russia. .
On May 19, McDonald's announced it would be selling those locations to a Siberian franchisee, who will then operate them under a new brand.
On May 19, McDonald's announced it would be selling those locations to a Siberian franchisee, who will then operate them under a new brand