By Fierman Much @ Shutterstock.com
McDonald’s has signaled its plans to abandon Russia altogether by selling its businesses in the country. Some readers no doubt remember the heavily reported opening of the first McDonald’s in Russia in 1990. Dean Seal reports for The Wall Street Journal:
McDonald’s Corp. said it would quit Russia and sell its business there, ending more than three decades in the country over its invasion of Ukraine.
The fast-food giant joins a raft of Western companies, from auto makers to oil producers, exiting Russia—after in some cases having initially paused operations—as the war in Ukraine rumbles on.
McDonald’s said in March that it was temporarily closing its 847 restaurants in Russia, while continuing to pay the 62,000 people it employs there. The Chicago-based company owns and operates 84% of its restaurants in Russia, with the rest run by franchisees.
On Monday, McDonald’s said that continued ownership of its business in Russia was no longer tenable nor “consistent with McDonald’s values.”
“We have a commitment to our global community and must remain steadfast in our values,” Chief Executive Chris Kempczinski said in a statement.
McDonald’s said it would now pursue the sale of its entire portfolio of restaurants in Russia to a local buyer. It said those restaurants would no longer use the McDonald’s name, logo, branding or menu.
Russia’s state-run TASS news agency reported Monday that McDonald’s restaurants in the country would reopen under a different name next month.
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