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McDonald’s Corporation has announced its decision to divest its business operations in Russia, marking the end of its 30-year presence in the country, due to the ongoing conflict between Moscow and Ukraine, Your Content has learned.
Following the invasion of Ukraine by Russian forces, the renowned fast-food chain temporarily shut down all its restaurants in Russia, including the iconic Pushkin Square location, while ensuring continuous payment to its employees during the closure.
In light of the current situation, McDonald’s has now taken steps to initiate the sale of its business in Russia, with the intention of handing it over to a local buyer.
Although the buyer has not been disclosed, the company has confirmed its plans to gradually remove the iconic Golden Arches from the Russian landscape.
McDonald’s anticipates incurring a non-cash charge ranging from $1.2 billion to $1.4 billion as a result of this strategic decision, according to The Washington Post.