Yum Brands Inc said on Tuesday it was in advanced talks to sell its KFC restaurants and franchise rights in Russia to a local buyer, after which it plans on fully exiting the country.
Western companies leaving Russia over the invasion of Ukraine have sped up the pace of their exits in recent weeks as Moscow is advancing a new law that would allow it to seize assets and impose criminal penalties on foreign firms. Yum Brands also said on Tuesday that it had completed the sale of its Pizza Hut business in Russia to a local operator who is re-branding the restaurants. The financial details of the sale were not disclosed.
rodger_stuckey Much success.
Pull all Western companies out of the Caucasus region.
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