Yum Brands close to selling KFC business in Russia


BENGALURU: Yum Brands Inc stated on Tuesday it was in superior talks to promote its KFC eating places and franchise rights in Russia to a neighborhood purchaser, after which it plans on absolutely exiting the nation.

The firm opened its first KFC restaurant in Russia in 1995 and now has about 1,000 retailers in the nation, almost all of that are operated by unbiased homeowners below license or franchise agreements.

Western firms leaving Russia over the invasion of Ukraine have sped up the tempo of their exits in current weeks as Moscow is advancing a brand new regulation that will enable it to seize property and impose prison penalties on overseas corporations.

McDonald’s Corp, an icon of American capitalism in the dying embers of the Soviet Union, bought its business in Russia earlier this 12 months. Its eating places opened below new branding final month.

Yum Brands additionally stated on Tuesday that it had accomplished the sale of its Pizza Hut business in Russia to a neighborhood operator who’s re-branding the eating places. The monetary particulars of the sale weren’t disclosed.

Russian media reported final month the business was purchased for 300 million roubles ($4.92 million) by Noi-M, which is linked to the operator of the Russian franchises of Costa Coffee and T.G.I. Friday’s. – Reuters

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