- Yum Brands is close to selling its Russian KFC restaurants.
- The company sold its Pizza Hut franchises in May.
- Yum Brands said that once the KFC transaction is complete, the company will exit Russia completely.
Yum Brands is close to selling its Russian KFC business as part of its plan to exit the country’s market, the company announced Tuesday.
The company said it plans to fully exit Russia once the KFC transaction is complete. Since March, Yum said it has been redirecting any profits from its Russian operations to humanitarian efforts as it works to exit the country. The restaurant company added it is stopping all investment, restaurant development and operations in the country.
It sold its Russian Pizza Hut franchises, which are currently being rebranded, in May.
Yum Brands, which also owns Taco Bell, first announced in March that it would be suspending KFC and Pizza Hut operations in Russia, when it activated a disaster relief fund and made donations to the Red Cross, UNICEF, World Food Programme and International Rescue Committee.
Yum is the latest Western restaurant operator to wind down its Russian operations after Kremlin forces invaded Ukraine. McDonald’s sold its Russian locations to an existing licensee in May.
Of the more than 54,000 locations Yum Brands has around the world, there were about 1,000 KFC locations and 50 Pizza Hut locations in Russia, most of which operated under franchise agreements.
Source: Business - cnbc.com
