American fast food chain McDonald’s, which has decided to withdraw from the Russian market, announced that it will sell its Russian business to a local entrepreneur.
McDonald’s Russia’s licensee, Alexander Gobor, will take over 850 stores in Russia to run the new brand, The Associated Press and Reuters reported.
However, the specific sale amount was not disclosed.
Gobor said it will guarantee the employment of 62,000 McDonald’s employees in Russia for at least two years on current terms.
Gobor, which signed a license agreement with McDonald’s in 2015, led McDonald’s into Siberia, and was currently operating 25 stores in Siberia.
McDonald’s has halted operations of 850 stores in Russia since early March due to the Russian invasion of Ukraine, and eventually announced a plan to withdraw.
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