The owner of the Russian KFC franchise is to sell the chain to a local buyer and leave the country, according to a statement on the company's site on July 5.
The KFC franchise owner in Russia, Yum! Brands, is already negotiating the sale of its restaurants and franchise rights to a local buyer.
The transfer of KFC is in an advanced stage and includes franchise rights and a network of franchisees. Whether the new owner will be able to keep the brand following the deal is not specified.
After that, Yum! Brands plans to completely leave the country.
The company also announced that it has completed the sale of its Pizza Hut business to a local operator that is rebranding restaurants.
The KFC network in Russia has 1,100 restaurants.
In early March, the owner of the KFC brand closed its restaurants in Russia. However, most KFC establishments in the country operate on a franchise model.