The Latest Food Giant to Leave Russia

In a memo sent to employees, Starbucks has announced it will close all 130 stores in Russia and no longer have brand presence there.

Starbucks said it will continue to pay its nearly 2000 Russian employees for six months and help them transition to new jobs.

The move follows McDonald's exit from the Russian market last week. McDonald's is selling its stores, which are almost all owned by the company, to existing Russian licensee, Alexander Govor. The stores won't be allowed to use the McDonald's name or menu.

Starbucks' stores are owned and operated by Alshaya Group, a Kuwait-based franchise operator. The coffee giant entered the Russian market in 2007.