Starbucks Corp (SBUX.O) said on Monday that it will leave the Russian market after almost 15 years, joining McDonald’s Corp (MCD.N) in marking the end of some of the country’s most well-known Western companies’ presence.
McDonald’s last week said it was selling its restaurants in Russia to its local licensee Alexander Govor to be rebranded under a new name, but will retain its trademarks.
Starbucks has 130 stores in Russia, wholly owned and operated by its licensee Alshaya Group, with nearly 2,000 employees in the country.
Starbucks did not provide details on the financial impact of the exit.
McDonald’s had said it would take a primarily non-cash charge of up to $1.4 billion. Russian media outlet Sota Vision reported earlier in the day that Starbucks is closing down its Russian legal entity.
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