Here are your top FOX Business Flash headlines for March 9th.
Papa John’s International has suspended all corporate operations in Russia, the company announced on Wednesday, adding to a long list of Western companies distancing themselves from Moscow over its invasion of Ukraine.
The pizzeria chain said it had ceased all operational, marketing and business support and interaction with the Russian market. The brand will continue to exist in Russia, where all of its restaurants are owned by independent franchisees.
“Papa Johns joins with most of the world in condemning aggression and violence,” the company said in a statement. “We look forward to a peaceful resolution to the crisis in Ukraine, which today affects millions of innocent people who are losing their homes, communities and the people they love.
WHITE HOUSE: KEYSTONE XL PIPELINE IS “NOT PLANNED” DESPITE ALL OIL PRICE OPTIONS
Papa John’s International Inc sign hanging from the roof of a delivery car outside the company’s restaurant in Nashville, Tennessee. On Wednesday, the company announced that it was suspending all corporate operations in Russia due to Moscow’s ongoing invasion of Ukraine. (Photographer: Luke Sharrett/Bloomberg via Getty Images)
The company said the chief franchisee controls and supplies the materials and ingredients for these restaurants through a supply chain that it owns and operates.
The company said it supports humanitarian and financial efforts and donates dry goods and ingredients to feed refugees in Eastern Europe through a partnership with World Central Kitchen.
The company said it does not receive any royalties from franchised stores in Russia.
Up until the announcement, Papa Johns was one of the few Western companies that had not been involved in the corporate exodus from Russia amid protests against its invasion of Ukraine.
CLICK HERE TO READ MORE ABOUT FOX BUSINESS
High-profile brands such as Coco-Cola, Starbucks and McDonald’s have either suspended operations or temporarily closed their offices in Russia as the conflict deepens. Yum! On Tuesday, Brands said it was suspending KFC-owned restaurants in Russia and also finalizing an agreement to suspend all of its Pizza Hut restaurants in the country.