Closed for Business
Listen Now: Closed for Business
More big-name companies are packing up and moving out of Russia. I’m Brian Banmiller on Business.
Earlier this week McDonald’s, Starbucks, Coke, Pepsi, and General Electric all announced they were suspending business in Russia. A decision made as the Russian invasion of Ukraine continued, with more civilians being killed and forced from their homes. The golden arches announced it will be temporarily closing 850 stores but will continue paying its 62,000 employees based in Russia. The company CEO says there are many things to consider since McDonald’s works with hundreds of Russian suppliers and feeds millions of people. About a week ago Starbucks announced it would be donating profits from its 130 Russian stores before changing its mind and temporarily closing those locations. It will also continue to pay its employees during the shutdown. Other businesses such as KFC and Pizza Hut are franchised but are still closing between 50 and 70 locations. All these announcements follow customer outcry on social media that company’s stop doing business with Russia, with hashtags threatening boycotts. It seems apparent that criticism is working. Brian Banmiller, CBS News.
About Brian
CBS News Radio national business journalist Brian Banmiller has spent more than 40 years in the news industry, covering business, politics and the economy on television, radio and in print. Currently, his “Banmiller on Business” reports are delivered to an audience of millions nationwide.
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"The Technology Tornado: Media & Communications in the Modern Era"
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August 28th, 2019
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