Starbucks to liquidate Russian entity -Sota Vision cites source -Breaking
(Reuters] – The Coffee Giant Starbucks Corp (NASDAQ:). Siren Coffee, the Russian legal entity that runs Siren Coffee, is shutting down and its workers will be allowed to continue working in Russia over the coming months. Sota Vision, Russian media outlet, reported Monday that the source was informed by Sota Vision.
Early March saw the company announce it had suspended all Russia business, including shipping of its products. It also announced that it will suspend operations in Russia.
Starbucks’ Russian operations liquidation is a departure from the strategy that other foreign firms exiting the Russian market, such as McDonald’s (NYSE) and others. Renault (EPA) Both companies announced local sales last week.
On Monday, McDonald’s workers took the sign bearing the name “Golden Arches,” from its restaurant. It was the first step in a major rebranding process.