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Coffeehouse Chain Shuts 130 Stores in Russia

Americal Multinational Coffee houses are permanently departing Russia. In March, the coffee firm halted operations and ceased shipping its products to Russia. Starbucks announced in a brief statement Monday that it has “taken the choice to withdraw and no longer have a brand presence in the market.”Employees in the nation, estimated at 2,000, will be paid for another six months. Starbucks will also assist them in finding new employment outside of the firm. In 2007, the Coffeehouse chain launched its first store in Russia. It has 130 Russian outlets as of March, all of which were owned and operated by a partner.

The burger brand announced last week that it is selling its Russia operations after more than 30 years in the country. “The humanitarian catastrophe resulting from the war in Ukraine, as well as the resulting unstable operating environment,” McDonald’s said, “have prompted McDonald’s to determine that ongoing ownership of the company in Russia is no longer tenable, nor is it compatible with McDonald’s principles.”

Starbucks CEO Howard Schultz puts a halt to the company’s share buyback program. The company’s CEO said on Monday that they are immediately stopping the share repurchasing program this way the company can create long-term shareholders.

This decision will make the investors invest in the stores and people. The Interim CEO started the firm on Monday and this is the third term as chief executive of the American multinational chain of Coffeehouse. By fall the company will bring in new and permanent CEO. Meanwhile, the interim CEO will be managing the company’s functions.

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