Starbucks exiting Russian market

MOSCOW. May 23 (Interfax) - U.S. Starbucks Corp. , owner of the world's largest chain of coffee shops, has decided to exit the Russian market, and the brand will no longer be represented locally, the Seattle-based company said in a statement.

The company also plans to continue supporting its 2,000 employees in the country, including paying salaries for six months and assisting in job placement.

Starbucks Corp. in March halted operations in Russia, including ceasing the shipment of products to the country, as well as agreeing with the licensed partner to suspend operations of the coffee shops.

The Starbucks chain had included 130 coffee shops in Russia that were operated and managed by the Russian chain Coffee Sirena LLC. The first Starbucks coffee shop in Russia opened in 2007.

According to data in the SPARK-Interfax analytical system, Coffee Sirena LLC boosted revenue 42% to 5.16 billion rubles to Russian Accounting Standards (RAS) in 2021, and the company swung to a net profit of 199.25 million rubles from a net loss of 523.2 million rubles the previous year.