Yum Brands: KFC and McDonald’s halt operations
Yum Brands, the parent company of Kentucky Fried Chicken (KFC) and McDonald’s, has officially confirmed the closure of operations in Russia.
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Yum brands statement on halting development in Russia
“This step builds on our decision to cease all investment and restaurant expansion in Russia and dedicate all revenues from operations in Russia to humanitarian initiatives,” Yum Brands said in a statement.
According to the company, these humanitarian efforts include a US$1 million charitable contribution from the Yum! Brands Foundation to the Red Cross to aid the many crisis-hit, the initiation of the Yum! Disaster Relief Fund to assist Ukrainian franchise employees, and correlate employee donations to charitable organizations offering assistance in Ukraine. “In addition, our franchisees in the neighboring areas are giving meals for refugees,” the firm stated.
Meanwhile, Reuters believes that Russia is a major market that helped the firm reach record growth in 2021. “Last year was a record year of development for KFC, spearheaded by new restaurants launching in China, India, and Russia,” the business said, adding that in Russia, it was established approximately 100 new restaurants per year and anticipated maintaining “a similar expansion strategy moving forward.”
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