Starbucks Corporation pulls out of Russia
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Starbucks Corporation (NASDAQ:SBUX
+0.2%) officially announced that it will exit Russia after suspending its business in the nation in March in reaction to the Russian invasion of Ukraine.
Starbucks (SBUX) has 130 locations in Russia that it operates through various licensing deals. The region accounts for less than 1% of the companyâs annual revenue.
The coffee store operator said it will pay nearly 2,000 Russian workers for six months and help them transition to new opportunities.
SBUX has not disclosed the financial impact of winding down in Russia in its filings.
Last week, Starbucks (SBUX) CEO Howard Schultz took advantage of the decline in the SBUX share price to add to his holdings.