(Bloomberg) -- Starbucks Corp. will exit Russia completely, marking the latest corporate withdrawal from the country after its invasion of Ukraine. Most Read from BloombergBroadcom in Talks to Acquire Cloud Company VMwareBig Banks Lead Gains in Stocks; Treasuries Retreat: Markets WrapWalmart’s Troubles Should Have Everyone on High AlertBiden Misspeaks on Taiwan, Says US Military Would InterveneA $5 Trillion ‘Wealth Shock’ Is Cracking Americans’ Nest EggsIn March, Starbucks said its licensed part
Seattle-based Starbucks has 130 stores in Russia, operated by its licensee Alshaya Group, with nearly 2,000 employees in the country. Starbucks' decision to wind down its operation in Russia is different to the approach some other foreign companies have taken. McDonald's last week said it was selling its restaurants in Russia to its local licensee Alexander Govor to be rebranded under a new name, but will retain its trademarks, while France's Renault is selling its majority stake in Russia's biggest carmaker with an option to buy back the stake.
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