Alimentation Couche-Tard suspends Russian operations, condemns aggression
Alimentation Couche-Tard Inc. says it is suspending its operations in Russia, effectively immediately.
Couche-Tard chief executive Brian Hannasch condemned Russia's aggression against Ukraine and the impact it is having for both Ukrainians and Russians.
"Couche-Tard has had stores in Russia for nearly three decades, and we are proud of our Russian team members and their dedicated service to local customers and communities,'' he said in a news release.
The Quebec-based convenience store retailer says it is implementing plans to take care of its Russian employees in a responsible and safe manner as it winds down its operations.
Couche-Tard says it has operated under its primary brand Circle K in Russia. It has 38 stores located in St. Petersburg, Murmansk, and Pskov and more than 320 employees.
The move follows announcements last week by several other Canadian companies who have also suspended operations in Russia.
Last week, Bombardier Inc. and Canadian Tire Corp. joined other Canadian companies in suspending their Russia-linked operations.
Canadian Tire says it has paused its Helly Hansen operations in Russia, which includes 41 retail stores, online sales and product shipments with over 300 employees.
The company says its priority is protecting the safety and well-being of its employees, and that it will continue to pay them during the shutdown.
The commitments follow on Magna International Inc. announcing Thursday that it had idled its six automotive plants in Russia, while on Wednesday Kinross Gold Corp. said it was working to suspend operations at its mining projects in the country.
Canadian pension funds and investment firms have also announced they are divesting their holdings in Russian companies.
Canadian pension funds and investment firms have also announced they are divesting their holdings in Russian companies.
Update:
On the back of Alimentation Couche-Tard Inc. saying it is suspending its operations in Russia, effectively immediately, Colliers International and North Rose Fulbright are ending their businesses in the country citing the increasingly brutal invasion of Ukraine
Commercial real estate firm Colliers says it has discontinued its business in Russia and Belarus, effective immediately, after more than 28 years of operations.
"I am appalled and saddened by the unnecessary loss of life and the displacement of millions of Ukrainians from their home. We cannot and will not stand idly by,'' stated global chairman and CEO Jay Hennick.
Colliers says its affiliate office in Kyiv is closed and all business operations in Ukraine have been suspended as it prioritizes the safety and welfare of its employees and clients.
The Toronto-based company says it is supporting Ukrainian colleagues who remain in country, those who are seeking refuge and their families.
It said operations in neighbouring countries are providing temporary accommodation, monetary support and other necessities.
Colliers said the company and senior leadership have donated to the Ukraine Crisis Appeal through the International Committee of the Red Cross and other humanitarian charities and is matching employee donations.
Law firm Norton Rose Fulbright said it is winding down operations in Russia and will be closing its Moscow office with 50 employees as quickly as it can, in compliance with its professional obligations.
"We are not accepting any further instructions from businesses, entities or individuals connected with the current Russian regime, irrespective of whether they are sanctioned or not,'' it said in a statement.
"In addition, we continue to review exiting from existing work for them where our professional obligations as lawyers allow. Where we cannot exit from current matters, we will donate the profits from that work to appropriate humanitarian and charitable causes.''
The moves follow announcements last week by several other Canadian companies who have also suspended operations in Russia.
Canadian pension funds and investment firms have also announced they are divesting their holdings in Russian companies.
Update March 8
Coca-Cola, PepsiCo, McDonald's, Starbucks and Yum! Brands have announced announce that they, too, are pausing business operations in Russia.
"Given the horrific events occurring in Ukraine we are announcing the suspension of the sale of Pepsi-Cola, and our global beverage brands in Russia, including 7Up and Mirinda. We will also be suspending capital investments and all advertising and promotional activities in Russia," PepsiCo CEO Ramon Laguarta said in a statement. "As a food and beverage company, now more than ever we must stay true to the humanitarian aspect of our business. That means we have a responsibility to continue to offer our other products in Russia, including daily essentials such as milk and other dairy offerings, baby formula and baby food. By continuing to operate, we will also continue to support the livelihoods of our 20,000 Russian associates and the 40,000 Russian agricultural workers in our supply chain as they face significant challenges and uncertainty ahead."