After 15 years operating in Russia, Starbucks will exit the market, joining companies like McDonald’s, Exxon Mobil and British American Tobacco in withdrawing from the country completely.
The coffee giant announced Monday that it will no longer have a brand presence in Russia. Starbucks has 130 locations in the country, which account for less than 1% of the company’s annual revenue. They are all licensed locations, so the Seattle-based company itself doesn’t operate them.
Starbucks said it will pay its nearly 2,000 Russian workers for six months and help them transition to new opportunities outside of the coffee chain.
Read more at CNBC.com
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