Yum Brands is close to selling its Russian KFC business, as part of its effort to exit the country’s market, the company announced Tuesday.
Yum plans to exit Russia fully once the KFC transaction is complete, and has said that it will redirect any profits from its Russian operations to humanitarian efforts. The restaurant company added it is stopping all investment, restaurant development and operations in the country.
It sold its Russian Pizza Hut franchises, which are currently being rebranded, in May.
Yum Brands, which also owns Taco Bell, first announced in March that it would be suspending KFC and Pizza Hut operations in Russia, when it activated a disaster relief fund and made donations to the Red Cross, UNICEF, World Food Programme and International Rescue Committee.
Yum is the latest Western restaurant operator to wind down its Russian operations after Kremlin forces invaded Ukraine. McDonald’s sold its Russian locations to an existing licensee in May.
Of the more than 54,000 chains Yum Brands owns around the world, the company had about 50 Pizza Hut locations and 1,000 KFC locations in Russia, most of which operated under franchise agreements.
