Yum! Brands closes sale of its Russian KFC chain to Smart Service - News Archive - PRIME Business News Agency - All News Politics Economy Business Wire Financial Wire Oil Gas Chemical Industry Power Industry Metals Mining Pulp Paper Agro Commodities Transport Automobile Construction Real Estate Telecommunications Engineering Hi-Tech Consumer Goods Retail Calendar Our Features Interviews Opinions Press Releases

Yum! Brands closes sale of its Russian KFC chain to Smart Service

MOSCOW, Apr 17 (PRIME) -- U.S. company Yum! Brands has closed the sale of its KFC restaurant chain in Russia to Izhevsk-based franchisee Smart Service, Yum! Brands said in a statement on Monday.

The deal includes all the companyТs KFC restaurants, an operating system, the master franchisee rights, and the RosticТs brandТs trademark. Smart Service also undertook a liability to rebrand the chain into RosticТs and keep jobs of the Russian employees.

In March 2022, Yum! Brands suspended operations of the 70 Russian KFC restaurants it owns directly. In November 2022, the Federal Antimonopoly Service approved an application of one of the companyТs franchisees, Smart Service, on acquisition of the restaurants. Under the deal, Smart Service will own the 70 restaurants and become the franchiser of 1,058 partnership restaurants, with all the restaurants working under the RosticТs brand.

End

17.04.2023 19:07
 
 
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