World News | McDonald's Finds a Buyer for Russian Restaurants
Get latest articles and stories on World at LatestLY. McDonald's has begun the process of selling its restaurants in Russia after more than 30 years in the country.
Chicago, May 19 (AP) McDonald's has begun the process of selling its restaurants in Russia after more than 30 years in the country.
The Chicago burger giant said Alexander Govor, who operates 25 restaurants in Siberia, has agreed to buy McDonald's 850 Russian restaurants and operate them under a new name. McDonald's didn't disclose the sale price.
Also Read | Shanghai Likely To Resume Cross-District Public Transport From May 22, Days After Strict COVID-19 Lockdown.
The company said Monday that it would leave Russia after its invasion of Ukraine.
The sale agreement is subject to regulatory approval and is expected to close within a few weeks, McDonald's said.
Also Read | Sri Lanka PM Ranil Wickremesinghe Assures Parliament of Sufficient Fuel Stocks Till Mid-June 2022.
Govor, a licensee since 2015, has also agreed to retain McDonald's 62,000 Russian employees for at least two years on equivalent terms. Govor also agreed to pay the salaries of McDonald's corporate employees until the sale closes. (AP)
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)