CHICAGO, May 19, 2022
/PRNewswire/ -- Following its announcement that it will exit the
Russian market and has initiated a process to sell its Russian
business, McDonald's Corporation announced today that it has
entered into a sale and purchase agreement with its existing
licensee Alexander Govor.
Under this agreement, Mr. Govor will acquire McDonald's entire
restaurant portfolio and operate the restaurants under a new
brand. Since 2015, Mr. Govor has served as a McDonald's
licensee and has operated 25 restaurants in Siberia.
The agreement remains subject to certain conditions, including
regulatory approval, with closing expected to occur in the coming
weeks.
The sale and purchase agreement provides for employees to be
retained for at least two years, on equivalent terms. The
buyer has also agreed to fund the salaries of corporate employees
who work in 45 regions of the country until closing, as well as
fund existing liabilities to suppliers, landlords and
utilities.
About McDonald's
McDonald's is the world's leading
global foodservice retailer with more than 39,000 locations in over
100 countries. Approximately 95% of McDonald's restaurants
worldwide are owned and operated by independent local business
owners.
Forward-Looking Statements
This document contains
forward-looking statements about future events and circumstances.
Generally speaking, any statement not based upon historical fact is
a forward-looking statement. In particular, statements regarding
McDonald's plans, strategies, prospects and expectations regarding
its business and industry are forward-looking statements. They
reflect McDonald's expectations, are not guarantees of performance
and speak only as of the date hereof. Except as required by law,
McDonald's does not undertake to update such forward-looking
statements. You should not rely unduly on forward-looking
statements. McDonald's business results are subject to a variety of
risks, including those that are described in its Quarterly Report
on Form 10-Q for the quarter ended March 31,
2022 and subsequent filings with the Securities and Exchange
Commission.
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SOURCE McDonald's Corporation