McDonald’s announced it will leave Russia permanently after more than 30 years of being a part of the country’s market.

Driving the news: The fast-food chain had paused its operations in Russia when the invasion of Ukraine first began, but now it’s taking a hard stance against the war by selling its entire portfolio of more than 800 restaurants.

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“The humanitarian crisis caused by the war in Ukraine, and the precipitating unpredictable operating environment, have led McDonald’s to conclude that continued ownership of the business in Russia is no longer tenable, nor is it consistent with McDonald’s values,” the company said, in a press release.

Details: According to CNN, the locations will be “de-Arched” — the name, logo and menus will be stripped from each location — and employees will be paid until the deal finalizing the sale of all the restaurants is completed.

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  • Employees may even have future employment with any potential buyer, the company said. McDonald’s is currently pursuing selling to a local buyer.

What they’re saying: CEO Chris Kempczinski said that the fast-food giant has “a long history of establishing deep, local roots wherever the Arches shine” and they’re proud of the 62,000 employees, Russian suppliers and local franchisees.

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  • “Their dedication and loyalty to McDonald’s make today’s announcement extremely difficult,” he added.
  • “However, we have a commitment to our global community and must remain steadfast in our values. And our commitment to our values means that we can no longer keep the Arches shining there.”

Yes, and: This exit will force McDonald’s to take a write-off between $1.2 billion and $1.4 billion.

Flashback: In the last few months, many other Western companies have suspended their business in Russia, including Pepsi and Starbucks.

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