5/19/2022, 2:59 PM (Source: TeleTrader)
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McDonald's to sell Russian arm to Alexander Govor

McDonald's Corp. stated on Thursday that it has entered into an agreement with its existing licensee Alexander Govor to purchase its Russian business. The fast-food giant previously announced it will exit the Russian market completely, stating that the country's military operation in Ukraine is not " consistent with McDonald’s values."

Govor, who has operated 25 restaurants in Siberia since 2015, is expected to buy all 850 McDonald's properties, with the transaction expected to close in the coming weeks. The American firm said employees will be retained for at least two years on equivalent terms. "The buyer has also agreed to fund the salaries of corporate employees who work in 45 regions of the country until closing, as well as fund existing liabilities to suppliers, landlords and utilities," it stated.

Baha Breaking News (BBN) / DJ