Operations
McDonald’s selling off all Russia business
May 16, 2022
Citing the ongoing Russian invasion of Ukraine, McDonald's is selling off all its Russia-based businesses and is reportedly aiming to sell its restaurant portfolio to a local company.
The move, according to the Wall Street Journal, comes three months after the brand temporarily closed its stores in Russia but continued to pay the 60,000 employees.
"The humanitarian crisis caused by the war in Ukraine, and the precipitating unpredictable operating environment, have led McDonald's to conclude that continued ownership of the business in Russia is no longer tenable, nor is it consistent with McDonald's values," the chain said in a statement.
The financial impact will be a charge within the range of $1.2 billion and $1.4 billion.
The sale will not include the use of the brand name, logo or menu. The Ukraine McDonald's locations remain closed and employees are still being paid.
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