Exit Completed: company sold its business/assets or its part of the business to a local partner and leaved the market
Exited Exit Completed
KFC is an American fast food restaurant chain that specializes in fried chicken. It is the world's second-largest restaurant chain.
Exit Completed: company sold its business/assets or its part of the business to a local partner and leaved the market
Exited Exit CompletedAt the end of 2021, 1,086 restaurants were opened in Russia, while more than seven hundred establishments were owned by Russian businessmen, working on a franchise. Madrid-based restaurant operator AmRest said it agreed to sell its KFC restaurant business in Russia for at least 100 million euros ($104.48 million) to Russian restaurant and entertainment company Almira.
Company did advanced steps of transferring ownership of its KFC restaurants, operating system and master franchise rights, including the network of franchised restaurants, to a local operator. American holding Yum! Brands, which owns KFC, has entered into an agreement to sell 70 of its Russian restaurants and master franchise rights to a local partner, Smart Service Ltd. businessmen Konstantin Kotov and Andrey Oskolkov. The new owner was obliged to gradually rebrand all KFC establishments in Russia into Rosticʼs, signs will begin to change from 2023. Yum! Brands has completed its exit from the Russian market by selling its KFC business in Russia to Smart Service Ltd., a local operator led by Konstantin Yurievich Kotov and Andrey Eduardovich Oskolkov. Under the terms of the deal, Smart Service (a former local KFC franchisee) will leave the employees of Russian KFC restaurants and lead the process of rebranding all KFC outlets in Russia. All catering outlets will be renamed from KFC to Rostik's.