A closed Starbucks at the Afimall City shopping mall on March 26 in Moscow. Photo: Oleg Nikishin/Getty Images
Starbucks announced Monday that it will permanently close its stores in Russia, putting an end to its 15 years of operation in the country.
Why it matters: Like other international companies, Starbucks suspended its operations in Russia in March, during the early days of Russia's invasion.
- The announcement comes a week after McDonald's said it would exit the country.
The big picture: "Starbucks has made the decision to exit and no longer have a brand presence in the market," the company said in a press release.
- Starbucks added that it will continue to pay its 2,000 employees in Russia for six months and will help them transition to new jobs.
- The coffee giant has 130 stores in the country.