New Delhi: American fast-food giant McDonald on Monday announced that after 32 years, the company will permanently leave Russia and has started to sell its restaurants there.
The company said its business in Russia is “no longer tenable.”
“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,” said the fast-food giant.
McDonald’s opened its first restaurant in Russia in 1990, in Moscow. For many Russians, the opening of a McDonald’s restaurant — synonymous with capitalism and American culture — symbolized the impending collapse of the Soviet Union.
McDonald’s said Monday it will sell its Russian business to a local buyer and will “de-arch” all its restaurants in the country, meaning that the company’s name, branding, menu, and logo can’t be used.
The burger chain temporarily closed in March its 850 restaurants in the country.
McDonald’s chairman and chief executive, Chris Kempczinski, said the announcement was “extremely difficult” but it wanted to stick to its values.
“Our commitment to our values means that we can no longer keep the Arches shining there,” he said.