Russia-Ukraine War: Several global brands such as McDonald’s, Starbucks, Coca-Cola, PepsiCo and General Electric have announced temporary closure of their business in Russia. McDonald’s CEO Chris Kempczinski said in a letter to employees that according to our principles, we cannot ignore the unnecessary suffering being caused to people in Ukraine.
The Chicago burger giant said it would temporarily close all 850 of its stores, but would continue to pay its 62,000 employees in Russia. He added that the employees have put their blood and sweat for our McDonald’s brand.
Kempchinsky has said that it is difficult to say at this time when the company will be able to reopen its stores. He said that the situation is very challenging for a global brand like us. McDonald’s serves millions of customers in Russia.
Coca Cola shuts down business in Russia
Sanctions over Russia’s action against Ukraine and market consolidation by many companies are ongoing. Now Coca Cola has closed its business in Russia. Following international pressure to withdraw from the Russian market, the company announced that it would temporarily suspend its business in the country.
Starbucks also announced closure
Starbucks also said it was donating earnings from 130 stores in Russia to humanitarian relief in Ukraine. is donating profits from its 130 Russian stores to humanitarian relief efforts in Ukraine. But later the company changed its stance and said that it would temporarily close its stores in Russia. Starbucks has also said that it will continue to pay its employees.
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PepsiCo and General Electric have also announced partial closure of their businesses in Russia. PepsiCo said it would stop selling its beverage in Russia. That, there will also stop all kinds of cake capital investment and promotional activities. However, the company said it would continue to produce milk, baby formula and baby food to support its 20,000 Russian employees and 40,000 Russian agricultural workers.
Many companies stopped business
Earlier, KFC and Pizza Hut had also announced to withdraw their business from Russia. Parent company Yum Brands said it was preparing to temporarily close 70 company-owned KFC restaurants in Russia. Also, he is in talks with a franchisee to close all 50 ‘Pizza Hut’ restaurants in Russia.
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