Starbucks to permanently close all 130 Russian cafes

Monday, 23. May 2022 15:29

Starbucks Corp. confirmed on Monday the company would completely exit the Russian market after 15 years of operating by closing all 130 cafes and ending its brand presence in the country.

However, the revenue of the American coffeemaker chain won't be significantly affected since the Russian market only contributed around 1% of the company's yearly revenue. Meanwhile, Starbucks added it would continue to pay its staff in Russia over the next six months and help them find new jobs.

Starbucks announced the suspension of its business in Russia in early March as part of sanctions imposed by western countries on Moscow over its invasion on Ukraine which began on February 24.

Related Links: Starbucks Corporation
Author:
Baha Breaking News (BBN) / ND