McDonald’s Corp said Monday it had initiated a process to sell its business in Russia after 30 years of operating its restaurants in the country, following Moscow’s invasion of Ukraine.
In March, McDonald’s closed all its restaurants in Russia including its iconic Pushkin Square location.
As part of the exit, the company expects to record a non-cash charge of about $1.2 billion to $1.4 billion.
“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,” McDonald’s said.
If you like this article, share it on social media by clicking any of the icons below.
Or in case you haven’t subscribed yet to our newsletter, please click SUBSCRIBE so you won’t miss the daily real estate news updates delivered right to your Inbox.
The article was originally published in Inquirer.NET.
About Post Author
More Stories
Banks’ total assets up at P26.2 trillion end-June
Lamudi sees heightened developer confidence with rise in ad spending
Phase 1 of PHINMA’s Bacolod township to finish by next year