McDonald's, Renault exit Russian market

, an American fast-food giant, announced Monday it will sell its Russian business and exit the market entirely.This development came months after the company announced a temporary closing of its restaurants in the country.

“As part of McDonald’s decision to exit, the Company is pursuing the sale of its entire portfolio of McDonald’s restaurants in Russia to a local buyer,” it said. Chris Kempczinski, McDonald’s president and chief executive officer, said in the statement, “We have a long history of establishing deep, local roots wherever the Arches shine. We’re exceptionally proud of the 62,000 employees who work in our restaurants, along with the hundreds of Russian suppliers who support our business, and our local franchisees.

As a result of its exit from Russia, the company said it expects to record a charge, which is primarily non-cash, of approximately $1.2-1.4 billion to write off its net investment in the market and recognize significant foreign currency translation losses previously recorded in shareholders’ equity.

United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

McDonald's to exit Russia, sell business in country | The Guardian Nigeria News - Nigeria and World NewsAmerican fast-food giant McDonald's will exit the Russian market and sell its business in the increasingly isolated country, the company said Monday. I am sorry for Russians but the no-fry zone must be maintained.🚫🍟
Source: GuardianNigeria - 🏆 1. / 94 Read more »

McDonald's to sell its business in Russia over Ukraine war | TheCableMcDonald’s Corporation says it has commenced the process of selling its business in Russia. The multinational fast food corporation would be joining several businesses which have exited Russia, following Moscow’s
Source: thecableng - 🏆 2. / 80 Read more »