Closed to Russia
Listen Now: Closed to Russia
Some of the biggest brands in the world are saying goodbye to business in Russia. I’m Brian Banmiller on Business.
When Russia first invaded Ukraine, a number of companies temporarily halted business with the country. Now two of them are making the change permanent. Last week McDonald’s announced it was selling all its stores to an existing Russian franchisee. The stores will not be allowed to use McDonald’s name, logo, or menu. In a statement the company CEO said quote “McDonald’s has a commitment to our global community and our values. And our commitment to our values means that we can no longer keep the arches shining there.” Now Starbucks is following suit. Earlier this week the company announced it will close its 130 stores and no longer have a brand presence in Russia. But employees aren’t being left high and dry. The company will continue to pay them for six months and help them transition to new jobs. The company releasing a similar statement to McDonald’s saying actions by Russia do not line up with its values. And it’s better for business to say goodbye. 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"
See highlights from Brian's recent Ernst & Young "Continuing Education Conference" speech and hear directly from conference attendees.
Phoenix Convention Center
August 28th, 2019
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