Starbucks Closes Russia Business Permanently: WSJ

by Shivani Kumaresan, Benzinga Staff Writer

May 23, 2022 10:29 AM | 1 min read | Make a Comment

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.
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