McDonald’s has on Monday confirmed that they are sell all its restaurants in Russia becoming one of the biggest companies to exit the country after 30-years of business.
The company looks forward to raise about $1.4 billion from the sale, an amount that is equal to the profit the company last year following Russia’s invasion of Ukraine.
In March McDonald’s closed 847 restaurants including the iconic Pushkin Square located in central Moscow and opened in 1990 after the Soviet Union.
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“It is impossible to ignore the humanitarian crisis caused by the war in Ukraine. And it is impossible to imagine the Golden Arches representing the same hope and promise that led us to enter the Russian market 32 years ago,” Said McDonald’s CEO Chris Kempczinski
Even though the company is selling its business, they confirmed that they will retain the trademark and ensure all 62,000 employees are retained until when the last transaction is done in case of a closure.
Other companies that are set to pull away include Renault, a French car marker that will a majority of its shares to a Russian science institute known as Avtovaz. They deal will includes a six year plan with the option to buy them back.