[Asia Economy Reporter Donghyun Choi] McDonald's, a fast-food chain symbolizing American capitalism, has ultimately decided to withdraw from the Russian market.
On the 16th (local time), according to foreign media including TASS news agency, McDonald's announced in a press release, "We will withdraw from the Russian market where we have operated for over 30 years," and stated, "We have begun the process of selling our Russian business."
McDonald's explained the reason for withdrawal, saying, "Due to the unpredictability caused by the Ukraine crisis, it is not desirable to continue operating in Russia, and this conclusion aligns with McDonald's values."
McDonald's plans to sell its business in Russia to a local entrepreneur. However, the new operator will not be allowed to use the McDonald's trademark or logo. Existing McDonald's stores are expected to reopen under a new brand by mid-next month, maintaining current employees, suppliers, and menu items. McDonald's has employed approximately 62,000 workers and it is known that subcontractor workers number around 100,000.
McDonald's opened its first store in Pushkin Square, Moscow, in January 1990, just before the collapse of the Soviet Union, and has expanded its business for about 32 years.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
