“But it is impossible to ignore the humanitarian crisis caused by the war in Ukraine. And it is impossible to imagine the Golden Arches representing the same hope and promise that led us to enter the Russian market 32 years ago.”
McDonald’s said it would sell all its sites to a local buyer and would begin the process of “de-arching” the restaurants which involves removing its name, branding and menu. It will retain its trademarks in Russia.
The chain said its priorities included seeking to ensure its 62,000 employees in Russia continued to be paid until any sale was completed and that they had “future employment with any potential buyer”.
McDonald’s said it would write off a charge of up to $1.4bn (£1.1bn) to cover the exit from its investment.
Source: BBC News. Headline photo: The opening of McDonald’s in Moscow in 1990 saw queues of Russians keen to try the American fast food chain