Yum! Brands Close To Exiting Russia As KFC Sale Nears

(RTTNews) - Yum! Brands (YUM) is close to selling its Russian KFC business as part of its plan to exit the country's market in the wake of Moscow's invasion of Ukraine.

Yum Brands said that the company's plan to fully exit from Russia will be complete after the KFC transaction.

Last month, Yum! completed the transfer of ownership of all Pizza Hut franchise assets to a local operator who has initiated the process of re-branding locations to a non-Yum! concept.

The company is also in advanced stages of transferring ownership of its KFC restaurants, operating system and master franchise rights, including the network of franchised restaurants, to a local operator.

Yum said it has been redirecting any profits from its Russian operations to humanitarian efforts as it works to exit the country. The restaurant company added it is stopping all investment, restaurant development and operations in the country.

Yum is the latest US restaurant company to exit from Russia after the Ukraine invasion. Earlier, McDonald's sold its Russian locations to an existing licensee in May.