Golden arches to go dark in Russia as McDonald's exits after 30 years | FnBReport
By Uday Sampath Kumar | Photo by Maxim Shemetov\/Reuters - McDonald's Corp on Monday became one of the biggest global brands to exit Russia, laying out plans to sell all its restaurants after operating in the country for more than 30 years following the invasion of Ukraine. The world's largest burger chain, which owns about 84 percent of its nearly 850 restaurants in Russia, will take a related non-cash charge of up to $1.4 billion following its sale.
The company last year generated about nine percent or $2 billion, of its revenue from Russia and Ukraine. But McDonald's retains trademark in Russia McDonald's is looking to sell its restaurants to a local buyer and would not allow the stores to use its name, logo, branding and menu, retaining its trademark in Russia. 'It gives them the option longer term to be able to re-enter the market,' Edward Jones analyst Brian Yarbrough said.
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