McDonald's is exiting Russia over its invasion of Ukraine, pulling out of a market it's been a part of for 32 years.
McDonald's arrived in Moscow when Russia was still part of the Soviet Union. Tens of thousands of customers stood in line when its first restaurant opened on Jan. 31, 1990, at Moscow's Pushkin Square.
McDonald's wants to sell its entire slate of restaurants in the country to a Russian buyer. To prepare for that sale, it will start"de-arching" its restaurants — stripping them of its trademark signs, menus and branding.
"We have a long history of establishing deep, local roots wherever the Arches shine," Chris Kempczinski, McDonald's president and chief executive officer, said in. He praised the company's employees in Russia — but, he added,"we have a commitment to our global community and must remain steadfast in our values. And our commitment to our values means that we can no longer keep the Arches shining there.
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REFILE-UPDATE 4-Golden arches to go dark in Russia as McDonald's exits after 30 yearsMcDonald's Corp on Monday became one of the biggest global names to exit Russia, laying out plans to sell all its restaurants after operating for more than 30 years in the country following its invasion of Ukraine. The world's largest burger chain, which owns about 84% of its nearly 850 restaurants in Russia, will take a related non-cash charge of up to $1.4 billion. McDonald's had in March decided to close its restaurants in the country, including the iconic Pushkin Square location in central Moscow - a symbol of flourishing American capitalism in the dying embers of the Soviet Union.
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