McDonald’s has found a buyer for its restaurants in Russia, who will rebrand them under a new name.
Alexander Govor, who already operates 25 of the restaurants in Siberia, has agreed to purchase all 847 of them, the quick meals big stated.
Mr Gover has agreed to preserve the entire firm’s 62,000 Russian workers for at the very least two years on equal phrases.
He will even pay the salaries of the burger chain’s company workers till the sale closes.
The Russian businessman, a licensee since 2015, can also be the co-founder of Neftekhimservice, a refining firm, and a board member of one other enterprise that owns the Park Inn resort and personal clinics in Siberia.
The sale, made for an undisclosed sum, is anticipated to shut inside just a few weeks after it receives regulatory approval.
McDonald’s has beforehand stated that it could take successful of greater than $1bn (£848bn) due to the exit.
The firm stated it could take away its name, golden arches and branding from the restaurants however preserve its emblems in the nation.
McDonald’s has operated in Russia for greater than three many years.
The firm temporarily closed its Russian stores in March and continued to pay workers.
The firm stated it had been dropping $55m (£45m) a month due to shutdowns in each Russia and Ukraine.
On Monday, McDonald’s stated that holding on to its enterprise in the nation was not tenable nor according to its values, citing the humanitarian disaster in Ukraine and an “unpredictable operating environment”.
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Chief government Chris Kempczinski stated it has been a troublesome resolution but it surely was “impossible to imagine the Golden Arches representing the same hope and promise that led us to enter the Russian market 32 years ago”.
The first McDonald’s in Russia opened in Moscow in 1990, shortly after the autumn of the Berlin Wall.
As the primary American quick meals restaurant to open in the Soviet Union, it was a strong image of capitalism prospering as Cold War tensions eased.