McDonald's reaches deal to sell Russia business / Photo: Alexander NEMENOV - AFP
-
Freshways milk-price cut deepens pressure on UK dairy farms
-
India climbs green-transition ranking after first emissions decline in 25 years
-
Labour and National remain virtually tied as New Zealand vote count advances
-
Trump names Stephen Miller as White House chief of staff after midterm losses
-
The Good Daughter adapts Karin Slaughter thriller with Rose Byrne and Meghann Fahy
-
Restored Albanian tower houses anchor new rural tourism trail
-
Heavy-lift drone evacuates wounded Ukrainian soldier from frontline kill zone
-
Sonia Gandhi reflects on family tragedy and reluctant political career
-
Morrison says West Brom recovered after pressure from successive derby losses
-
Pope Leo begins three-country South American tour in Uruguay
-
Britain considers 2027 state visit for Ukraine’s Zelensky
-
Khawaja says entire Australia camp knew of 2018 ball-tampering plan
-
Survey Finds Majority of Brits Use Polite Language with AI Assistants
-
Krone.at Forum Launches New Design and Stricter Community Guidelines
-
Capricorn Weekly Horoscope Nov 2-8, 2026: Unexpected Financial and Romantic Gains
-
World Golf Awards 2026 Set for Egypt’s Madinaty Golf Club
-
Jimenez Extends Lead Over Anderson in Richmond Mayoral Race
-
Podcast 'Stammplatz' Analyzes Bundesliga's Best Shot and Goalkeeper Crisis
-
DEA Marijuana Rescheduling Hearing Closes With Government Not Meeting Its Burden Of Proof?
-
How to Enjoy Luxury Experiences on a Budget
-
LeftLion Reviews New Music from Panchiko, Keane Baldwin, CATHEDRA., and Emily Ashberry
-
12 Billion Gallons of Raw Sewage Discharged into Chicago River Despite Deep Tunnel Infrastructure
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
