McDonald’s started the process of selling its restaurants in Russia after more than 30 years in the country. The hamburger giant said its current licensee Alexander Govor, who operates 25 restaurants in Siberia, has agreed to buy 850 establishments and operate them under a new name.
The sale price was not disclosed.
McDonald’s was one of the first Western fast food brands to enter Russia in 1990. Its large, gleaming store near Moscow’s Pushkin Square signaled a new era of post-Cold War optimism.
But McDonald’s temporarily closed its Russian locations in March because of the Russian invasion of Ukraine, a decision the company said cost $55 million a month.
The sale agreement is subject to regulatory approval and is expected to close within a few weeks. Govor, licensed since 2015, also agreed to keep the 62,000 Russian employees for at least two years on equivalent terms and pay salaries until the sale closes.
McDonald’s, however, left open the possibility of one day returning to Russia. CEO Chris Kempczinski on Monday in a letter to employees.
“So we won’t end up saying ‘goodbye’. Instead, let’s say it like they say in Russian: until we meet again.”
Source: CNN Brasil
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