It’s been 15 years since the world-popular coffee shop, Starbucks was based in Russia, now everything is over when the company officially leaves the country. With this, Starbucks will join companies such as McDonald’s, Exxon Mobil and British American Tobacco in withdrawing completely from the country.
The coffee giant today announced that they will no longer operate in Russia. Starbucks has 130 locations in Russia, where it accounts for less than 1% of the company’s annual revenue.
Starbucks said it will pay nearly 2,000 of its Russian employees for six months and help them transition to new opportunities outside the coffee chain.
Several factions have pressured Western companies such as Starbucks to sever ties with Russia to show opposition to the war between Russia and Ukraine. However, the withdrawal of this license takes time. Starbucks has suspended all business activities with the country since March 8th.
In the latest quarterly results released in early May, the company chose not to further disclose the financial impact of the impact of the suspension of business operations. Former CEO Kevin Johnson has promised to donate royalties earned from Russian businesses for humanitarian purposes.
Earlier, the popular fast food restaurant in the United States (US), McDonald’s based in Russia also announced its resignation after 30 years of operation in Russia.
