By MOSCOW. May 16 (Interfax) – McDonald’s Corporation will exit the Russian market and has initiated a process to sell its Russian business.
The corporation said in a statement that it was pursuing the sale of its entire portfolio of McDonald’s restaurants in Russia to a local buyer.
These restaurants will no longer use the McDonald’s name, logo, branding, and menu, although the company will continue to retain its trademarks in Russia.
"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, nor is it consistent with McDonald’s values," McDonald’s said.
McDonald’s said earlier that it was temporarily closing restaurants in Russia effective March 14 and pausing operations in the market, while its office in Russia remained open. "Unfortunately, McDonald’s in Russia cannot at the moment guarantee uninterrupted work in its main areas or maintain its key product line at enterprises of the chain and the high quality standards that guests are used to," the press service for McDonald’s in Russia said at the time.
More than 62,000 people work within the McDonald’s system in Russia, and suppliers employ around 100,000.
