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Among all the minor side-effects of Russia's invasion of Ukraine, the decision of McDonald's to suspend its operations in Russia (sensible and inevitable as it was) truly stood out for its symbolism.
McDonald’s has agreed to sell its Russian business to Alexander Govor, a local franchisee who operates 25 of the chain’s restaurants in Siberia.
Under the terms of the deal announced on Thursday, Govor will take over the group’s entire Russian portfolio of about 850 restaurants, operate them under a new brand and offer a different menu.
McDonald’s did not disclose how much the outlets were sold for. Last year, its Russian operations contributed 9% of the company’s total annual sales, or about $2bn.
Govor, a licensee since 2015, has agreed to retain McDonald’s 62,000 Russian employees for at least two years on equivalent terms and to fund existing liabilities to suppliers, landlords and utilities. He also agreed to pay the salaries of McDonald’s corporate employees until the sale is completed.
The sale is subject to regulatory approval but is expected to close within a few weeks, McDonald’s said.
It was epic. And that's why when McDonald's announced earlier this year that it was suspending operations in Russia, I think a lot of us hoped that it would merely be that: a temporary suspension.
Even as someone who only rarely eats at McDonald's, and who has never been to Russia and probably never will, the suspension announcement was a bit heartbreaking.
“The decision taken is the result of a lengthy and difficult negotiation process,” Russian industry and trade minister Denis Manturov told local media. “It is important that, as a result of the agreements reached, the work of a large network of catering establishments will continue, and jobs will be preserved with a guarantee that the new owner will comply with previously accepted obligations to employees,” he said.
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