Fast food company McDonald's intends to finally leave Russia and sell the business. This is stated in the official statement of the company. McDonald's announced a temporary suspension of operations in Russia on March 8, 2022 following Russia's military aggression against Ukraine.
The company now claims that the humanitarian crisis caused by the war in Ukraine and the instability of the business environment make doing business in Russia unprofitable, and this is not in line with McDonald's values. McDonald's has been operating in Russia for over 30 years.
As part of its withdrawal from Russia, McDonald's will sell its entire business to a local company. In addition, the new owner will be prohibited from using any McDonald's logo. According to McDonald's, it is in its best interest that employees continue to work with the future owner.
The company expects losses in the amount of $1.2-1.4 billion after leaving Russia.
McDonald's is a leading multinational fast food corporation. The company owns 39,000 restaurants in over 100 countries. 95% of the restaurants are owned and operated by local businessmen.