Exit Completed: company sold its business/assets or its part of the business to a local partner and leaved the market
Exited Exit Completed
Yum! Brands, Inc., Yam Brands is an American food service corporation.
Exit Completed: company sold its business/assets or its part of the business to a local partner and leaved the market
Exited Exit CompletedAmerican 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. Later, in the beginning of 2023 KFC franchisees in Russia ask govt to halt sale of stores to local operator. 4.2023: LLC "SMART SERVICE LTD" becomes the new founder of the organization. Deleted record about the founder COMPANY WITH LIMITED LIABILITY "SAYPRUS KARAMEL RESTAURANTS LIMITED".
Initially suspended all investment and restaurant development in Russia. Profits from Russia redirected to humanitarian efforts. Donation $1M to Red Cross and employee matching funds to other humanitarian organizations. Pizza Hut has 50 company owned locations. KFC is suspending 70 locations; over 1000 franchisee owned locations will remain open. 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 Audrey 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.