McDonald’s Corp has said it has 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, Your Content has learned.
In March, the fast-food company temporarily closed all its restaurants in Russia.
This included its iconic Pushkin Square location. It continued to pay its staff.
Now, it has said that it will seek to have a Russian buyer take over the business.
It did not identify a buyer, but said it would start removing its Golden Arches.
McDonald’s expects to record a non-cash charge of about $1.2bn to $1.4bn,‘according to The Washington Post.