McDonald’s Corp. is selling its 850 restaurants across Russia, which employ 62,000 people, Bloomberg reported on May 16.
This is the latest major Western business to cut all ties with Russia over its war of aggression against Ukraine.
“The humanitarian crisis, caused by the (Russian) war in Ukraine, in conjunction with an unpredictable operational environment, led McDonald’s to conclude that owning business in Russia is no longer practical and does not correspond with our values,” the company said in a statement.
McDonald’s is now looking to sell its Russian assets to a local buyer.
“McDonald’s is pursuing a sale of its entire portfolio of restaurants to a local buyer and will ‘de-arch’ the outlets, removing the McDonald’s name, logo, branding and menu, though the company will retain its trademarks in Russia,” Bloomberg’s article reads.
“The company didn’t name a potential buyer.”