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Live UpdateFrom the Liveblog of Monday, May 23, 2022
Starbucks exiting Russian market, shutting 130 stores
A view of a Starbucks shop in Washington, DC, on April 17, 2018. (Saul Loeb/AFP/Getty Images)
Starbucks is pulling out of the Russian market.
In a memo to employees, Starbucks says it has decided to close its 130 stores and no longer have a brand presence in Russia. Starbucks says it will continue to pay its nearly 2,000 Russian employees for six months and help them transition to new jobs.
The stores are owned and operated by Alshaya Group, a Kuwait-based franchise operator.
Seattle-based Starbucks suspended all business activity in Russia on March 8 due to the Russian invasion of Ukraine.
