On May 16th local time,McDonald’s, an American restaurant chain, announced that it has finally decided to withdraw from the Russian market, and has written off $1.2 billion to $1.4 billion for this.
McDonald’s said in a statement that due to the humanitarian crisis in Ukraine under the Russia-Ukraine conflict and the unpredictable operating environment, it has been unable to operate in Russia, and the current status quo does not conform to McDonald’s values.
McDonald’s said,A process for the sale of the Russian business has been initiated and the entire Russian restaurant is being sought to be sold to a local company.
McDonald’s will continue to retain its trademark in Russia, but stores will no longer use the McDonald’s name, logo, brand, and menu.
McDonald’s has been operating in Russia for more than 30 years, with about 850 stores.
Earlier on March 8, McDonald’s announced the temporary closure of all stores in Russia, but continued to pay employees.
on the same day,Yum (KFC/Pizza Hut), Starbucks, Coca-Cola, Pepsi (including 7-Up/Milinda) also announced the suspension of operations in Russia.
It is reported that Yum has at least 1,000 KFC restaurants and 50 Pizza Hut restaurants in Russia, almost all of which are operated by independent franchisees.
On its earnings call in early February, KFC also called 2021 a “record” year for KFC’s development, with newly opened restaurants in China, India, and Russia making a major contribution.
Hashtag: Russia McDonald’s KFC
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