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McDonald's will sell its Russian operations to a local operator

2022-05-19T15:27:50.761Z

The buyer, a Russian businessman, has agreed to keep the 62,000 employees hired by the catering giant in the country for at least two years.



McDonald's, which has announced that it will definitely leave Russia in response to the invasion of Ukraine, will sell its activities in the country to Russian businessman Alexander Govor, who already operates restaurants of the American group in Siberia.

Thanks to an agreement, Alexander Govor will acquire the entire portfolio of McDonald's assets in Russia, the American fast food giant, which has 850 establishments and 62,000 employees in the country, said on Thursday.

The amount of the transaction was not disclosed and McDonald's did not say whether the menu would remain the same.

However, the brand name will be changed.

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Read alsoAfter more than 30 years, McDonald's is leaving Russia for good

Alexander Govor has agreed to keep the current employees for at least two years, under conditions equivalent to those they have enjoyed until now.

It will also pay the salaries of office workers working in 45 regions of the country until the finalization of the operation and will pay debts to suppliers, owners as well as current charges.

The sale, subject to regulatory approval, should be finalized in the coming weeks, the fast-food chain said.

Since 2015, Alexander Govor has had an operating license for 25 restaurants of the American group in several cities in Siberia.

He is also the co-founder of a company specializing in oil refining, Neftekhimservice, and sits on the board of directors of

Read alsoWhy retirement from Russia is becoming inevitable for companies

McDonald's announced on Monday its decision to withdraw entirely from Russia, after more than 30 years of presence, to demonstrate its opposition to the military invasion of Ukraine.

The humanitarian crisis caused by the war in Ukraine and the unpredictable economic environment that resulted from it led McDonald's to conclude that the continuation of our operations in Russia was no longer tenable or consistent with our values

,” the group explained at the time.

McDonald's had said it expected a charge of between $1.2 billion and $1.4 billion in its accounts due to its withdrawal.

Source: lefigaro

All business articles on 2022-05-19

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