Starbucks Closes Russia Business Permanently: WSJ

  • Starbucks Corp SBUX is shutting down its business in Russia, the Wall Street Journal reported.
  • The coffee giant has decided to permanently close operations in its 130 stores and would no longer have an operation in Russia.
  • The company had suspended its licensee's Russian business on March 8.
  • The report noted the company would continue to pay salaries to nearly 2,000 employees for six months.
  • The Russia-Ukraine crisis has led to a volatile operating climate, forcing major corporations to shut shops permanently in Russia.
  • McDonald's Corp MCD said last week that it is selling its Russia operations.
  • Price Action: SBUX shares are trading lower by 0.64% at $72.92 on the last check Monday.
  • Photo via Wikimedia Commons
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