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McDonald’s to sell its business in Russia after 30 years

  • McDonald’s to sell its business in Russia after 30 years
    Fast food chain to fully exit country after invasion of Ukraine McDonald’s to sell its business in Russia after 30 years
Region:
World
Category:
Economy
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Fast food chain to fully exit country after invasion of Ukraine

 

McDonald’s has initiated a process to sell its business in Russia after 30 years of operating its restaurants in the country, after Moscow’s invasion of Ukraine.

In March, McDonald’s closed all its restaurants in Russia including its site in Pushkin Square in the capital, which was the first in the country.

As part of the exit, the company expects to record a non-cash charge of about $1.2bn (£980m) to $1.4bn.

“The humanitarian crisis caused by the war in Ukraine, and the precipitating unpredictable operating environment, have led McDonald’s to conclude that continued ownership of the business in Russia is no longer tenable,” McDonald’s said.