Friday, May 20, 2022

McDonald's To Sell All Russian Restaurants

McDonald's is selling All of its restaurants in Russia 30 years after it became a powerful symbol of easing Cold War tensions between the U.S. and the Soviet Union.

The company shuttered hundreds of locations in March, after Russia Invaded Ukraine, which cost McDonald's about $55 million per month.

On Monday, McDonald's announced it would Sell those stores and leave Russia.

An existing McDonald's licensee, Alexander Govor, who operates 25 restaurants in Siberia, has agreed to buy McDonald's 850 Russian restaurants and operate them under a new name, the company said Thursday.

McDonald's did not disclose the terms of the sale. Last year, Mcdonald's Russian operations contribuuted 9% of its total annual sales, around $2 billion.

Mcdonald's was among the First Western consumer brands to enter Russia in 1990. Its the First time the company has dearched, or exist a Major market.

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