Money
Restaurant rebrand – meet McDonald’s new buyer in Russia
Locals will notice the shiny golden arches will be removed, a sight they have got use to for the past three decades…. but now Russians can be assured they’ll still get their French fries hit
McDonald’s has found a local buyer for its Russian business, after the war in Ukraine pushed it to quit the country.
Alexander Govor operates 25 McDonald’s restaurants in Siberia right now.
It’s set to take the keys on Russia’s restaurants and staff.
The plan is to rebrand the McDonald’s in Russia and operate them under a new brand,
It did not disclose the sale price, but has warned investors it would take a more than $1bn hit from the exit.
The opening of McDonald’s first restaurant in Moscow in 1990 came to symbolise a thaw in Cold War tensions.
30 years later, the firm has nearly 850 restaurants in the country.
The chain is one of a growing number of corporations pulling out as the war in Ukraine and Western sanctions make it difficult to operate.
Last year, Russia and Ukraine accounted for about 9% of McDonald’s revenue. Shares slipped slightly on Wall St following the news.
McDonald’s expects the new deal to close in coming weeks.
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