McDonald’s’ Russian division has recently found a buyer after the decision was made to pull out of the nation earlier this month.
Siberian fast food giant Alexander Govor, the manager for 25 individual McDonald’s chains in Siberia, will be purchasing and rebranding the former McDonald’s stores under a new business name.
The company has warned investors of a $1 billion hit from the purchase, following 3 decades of operations in Russia. The company has joined the growing group of organizations fleeing from the nation following their advances on Ukraine back in February.
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All 850 former stores will be sold off in the deal which they believe will be solidified in the coming few weeks.
Govor has been a licensee for the chain for almost 7 years, as well as the co-founder of refining company Neftekhimservice. Alongside this he is a board member for a firm that owns the Park Inn Hotel as well as a few private clinical facilities in Siberia.
The government plans to provide Govor all of the needed assistance to get the new business off the ground. He will be paying the Russian corporate staff until the deal has completed.
The company will retain their trademarks in Russia, removing their branding from the locations.
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