McDonald’s is leaving Russia after 30 years
Employees will still be paid until the transaction closes.
McDonald’s said it will sell all 850 of its restaurants in Russia, more than three decades after it opened its first store in the country.
The chain explained that 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."
McDonald's followed other Western companies and temporarily shut down its restaurants in Russia in March.
The Russian restaurants will be "de-Arched” once the sale is finalised, meaning the locations will no longer be allowed to use the McDonald's name, logo or menu. Employees will still be paid until the transaction closes and that "employees have future employment with any potential buyer."
CEO Chris Kempczinski said he's proud of the more than 60,000 workers employed in Russia and said the decision was "extremely difficult."
"However, we have a commitment to our global community and must remain steadfast in our values. And our commitment to our values means that we can no longer keep the Arches shining there," he added.