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5/16, 12:23 PM (Source: TeleTrader)
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McDonald's to pull out of Russia completely

McDonald's Corp. announced on Monday in a press release that it will exit the Russian market completely and that it is currently in the process of selling its business in the country.

"The humanitarian crisis caused by the war in Ukraine, and the precipitating unpredictable operating environment, have led McDonald’s to conclude that continued ownership of the business in Russia is no longer tenable, nor is it consistent with McDonald’s values," the statement read.

The company underlined that it will try its best to continue paying its employees in Russia until the deal is closed. Earlier, the company temporarily halted its activities in Russia in all of its 850 restaurants. Meanwhile, a company source reportedly told TASS news agency that McDonald's will resume working in Russia in mid-June, however, under a new brand name.

Baha Breaking News (BBN) / AY