McDonald’s Russia Restaurants Sold

McDonald’s has begun to sell its restaurants in Russia.

The sale of the company was announced on Thursday and it is subject to regulatory approval and is expected to close within a few weeks.

The restaurant company said its existing licensee Alexander Govor, who operates 25 restaurants in Siberia, has agreed to buy McDonald’s 850 Russian restaurants and operate them under a new name.

Govor also agreed to retain McDonald’s 62,000 Russian employees for at least two years on equivalent terms.

Govor will pay the salaries of McDonald’s corporate employees until the sale closes.

The company shuttered its Russian locations in March because of Russia's invasion of Ukraine, a decision the company said cost it $55 million per month.

On Monday, McDonald's announced that it would sell those stores and leave Russia.

It plans to start removing golden arches and other symbols and signs with the company’s name.

It said it would also keep its trademarks in Russia and take steps to enforce them if necessary.