McDonald's Corp said on Monday it has started a process to sell all its restaurants in Russia, exiting the country after more than 30 years.
The world's largest fast food chain had in March decided to close its 847 restaurants in Russia, taking a hit of $50 million per month. It now expects to record a non-cash charge of about $1.2 billion to $1.4 billion following the sale.
McDonald's said it was looking to sell all its restaurants in Russia to a local buyer, but will continue to retain the trademark.
The company said it would ensure that its 62,000 employees in Russia continue to be paid until the close of any transaction and that they have future jobs with any potential buyer.
