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Rebranded McDonald's Restaurants To Reopen In Russia: Reuters

Benzinga · 06/10/2022 07:09
  • Russia's fast-food scene is in for a massive overhaul as former McDonald's Corp (NYSE:MCD) restaurants are set to reopen under new branding and ownership, Reuters reported.
  • The fast food restaurant chain was opened about three decades ago in early 1990.
  • Recently, MCD entered into a sale and purchase agreement with its existing licensee Alexander Govor to sell its Russian business.
  • Russia's invasion of Ukraine and the subsequent economic sanctions triggered the exit.
  • McDonald's 'Golden Arches' have been taken down at sites in Moscow and St Petersburg, replaced by a new logo comprising two fries and a hamburger patty against a green background, the report added.
  • Price Action: MCD shares closed lower by 1.40% at $242.16 on Thursday.
  • Photo Via Wikimedia Commons