Starbucks to Exit Russia, Close 130 Licensed Locations

Video Credit: Wibbitz Top Stories
Published on May 23, 2022 - Duration: 01:30s

Starbucks to Exit Russia, Close 130 Licensed Locations

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.

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NBC reports that Starbucks has now joined the ranks of western companies to withdraw from Russia, including McDonald's and Exxon Mobil.

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NBC reports that Starbucks has now joined the ranks of western companies to withdraw from Russia, including McDonald's and Exxon Mobil.

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NBC reports that Starbucks has now joined the ranks of western companies to withdraw from Russia, including McDonald's and Exxon Mobil.

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Starbucks currently has 130 locations throughout Russia.

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NBC reports that all of those locations are licensed and not operated directly by the Seattle-based company.

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NBC reports that all of those locations are licensed and not operated directly by the Seattle-based company.

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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.

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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.

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The fast-food chain operated approximately 850 restaurants in Russia.

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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


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