McDonald's reaches deal to sell Russia business / Photo: Alexander NEMENOV - AFP
-
'We hold onto one another and keep fighting,' says wife of jailed Istanbul mayor
-
North Korea's Kim visits nuclear subs as Putin hails 'invincible' bond
-
Trump takes Christmas Eve shot at 'radical left scum'
-
Leo XIV celebrates first Christmas as pope
-
Diallo and Mahrez strike at AFCON as Ivory Coast, Algeria win
-
'At your service!' Nasry Asfura becomes Honduran president-elect
-
Trump-backed Nasry Asfura declared winner of Honduras presidency
-
Diallo strikes to give AFCON holders Ivory Coast winning start
-
Dow, S&P 500 end at records amid talk of Santa rally
-
Spurs captain Romero facing increased ban after Liverpool red card
-
Bolivian miners protest elimination of fuel subsidies
-
A lack of respect? African football bows to pressure with AFCON change
-
Trump says comedian Colbert should be 'put to sleep'
-
Mahrez leads Algeria to AFCON cruise against Sudan
-
Southern California braces for devastating Christmas storm
-
Amorim wants Man Utd players to cover 'irreplaceable' Fernandes
-
First Bond game in a decade hit by two-month delay
-
Brazil's imprisoned Bolsonaro hospitalized ahead of surgery
-
Serbia court drops case against ex-minister over train station disaster
-
Investors watching for Santa rally in thin pre-Christmas trade
-
David Sacks: Trump's AI power broker
-
Delap and Estevao in line for Chelsea return against Aston Villa
-
Why metal prices are soaring to record highs
-
Stocks tepid in thin pre-Christmas trade
-
UN experts slam US blockade on Venezuela
-
Bethlehem celebrates first festive Christmas since Gaza war
-
Set-piece weakness costing Liverpool dear, says Slot
-
Two police killed in explosion in Moscow
-
EU 'strongly condemns' US sanctions against five Europeans
-
Arsenal's Kepa Arrizabalaga eager for more League Cup heroics against Che;sea
-
Thailand-Cambodia border talks proceed after venue row
-
Kosovo, Serbia 'need to normalise' relations: Kosovo PM to AFP
-
Newcastle boss Howe takes no comfort from recent Man Utd record
-
Frank warns squad to be 'grown-up' as Spurs players get Christmas Day off
-
Rome pushes Meta to allow other AIs on WhatsApp
-
Black box recovered from Libyan general's crashed plane
-
Festive lights, security tight for Christmas in Damascus
-
Zelensky reveals US-Ukraine plan to end Russian war, key questions remain
-
El Salvador defends mega-prison key to Trump deportations
-
US says China chip policies unfair but will delay tariffs to 2027
-
Stranger Things set for final bow: five things to know
-
Grief, trauma weigh on survivors of catastrophic Hong Kong fire
-
Asian markets mixed after US growth data fuels Wall St record
-
Stokes says England player welfare his main priority
-
Australia's Lyon determined to bounce back after surgery
-
Stokes says England players' welfare his main priority
-
North Korean POWs in Ukraine seeking 'new life' in South
-
Japanese golf star 'Jumbo' Ozaki dies aged 78
-
Johnson, Castle shine as Spurs rout Thunder
-
Thai border clashes hit tourism at Cambodia's Angkor temples
NYSE - LSE
McDonald's reaches deal to sell Russia business
McDonald's has reached a deal to sell its Russia business to Russian businessman Alexander Govor, a licensee of the chain, the restaurant company said Thursday.
The announcement comes three days after McDonald's announced it was exiting the Russian market in the wake of the Ukraine invasion.
Govor agreed to retain employees for at least two years and fund exiting liabilities to suppliers, landlords and utilities, McDonald's said.
The price of the transaction was not disclosed.
McDonald's said Monday it would sell the entire Russian portfolio of 850 restaurants employing 62,000 workers, citing the humanitarian crisis in the wake of the Ukraine invasion, which has also sparked international sanctions.
"The business in Russia is no longer tenable, nor is it consistent with McDonald's values," the company said in a statement that announced plans to take a one-time charge of $1.2 billion to $1.4 billion to write off the investment.
Govor, a licensee since 2015, has operated 25 restaurants in Siberia. He is co-founder of Neftekhimservice, a refining company, and a board member of another firm hat owns the Park Inn hotel and private clinics in Siberia.
N.Walker--AT