Global Fast-food chain, Domino’s Pizza will close all its outlets in Russia, becoming one of the first major Western fast-food chains to exit the country since McDonald’s and Starbucks left more than a year ago.
DP Eurasia — the company that owns franchise rights for the Domino’s Pizza brand in Russia, Turkey, Azerbaijan and Georgia — said Monday, August 21 that it would file for bankruptcy for its Russian unit, DPRussia.
The move highlights the increasingly hard choices facing Western firms that stayed in Russia after the start of the Ukraine war.
Russia has made it more difficult and more costly for Western companies to sell their Russian businesses. And it has in some cases seized control of firms’ local assets, as with Danish brewer Carlsberg (CABGY) and French yogurt maker Danone (DANOY).
“With the increasingly challenging environment, DPRussia’s immediate holding company is now compelled to take this step, which will bring about the termination of the attempted sale process of DPRussia as a going concern and, inevitably, the group’s presence in Russia,” DP Eurasia said in a statement.
The company operates 142 stores in Russia and is the country’s third-largest pizza delivery business. In December, DP Eurasia said it was reviewing its presence in Russia and that work on a potential sale was “ongoing.”
After exiting Russia, Starbucks became Stars Coffee and McDonald’s is now “Vkusno i tochka,” which translates to “Tasty, period.”
More than 1,000 foreign companies have exited or suspended operations in Russia since the Kremlin launched a full-scale invasion of Ukraine.
Related: Singer Skales Reveals He Rǝgrets Not Having Baby Mamas (VIDEO)
Last updated: Just Now
See All Latest Nigerian Music Right Now!!!
Share On:
Top 10 Hottest Songs
Nigerian / African Music Mavo – Aura Salad ft. SSSoundGawd
Nigerian / African Music SSSoundGawd – Hey Mama ft. Mavo, Joshua Baraka
Gospel Music Frank Edwards – Biggest Name (Man of Galilee) ft. Prinx Emmanuel
Nigerian / African Music Tolibian – Ramadan ft. Yinka Ayefele, Bhadboi OML
Nigerian / African Music Zoro Swagbag – Nzogbu ft. Jeriq
Nigerian / African Music Zoro Swagbag – Omo Igbo
Gospel Music Moses Bliss – Your Love II ft. Soweto Gospel Choir
Nigerian / African Music Nasboi – Letter to My Ex ft. Khaid
Nigerian / African Music Guchi – Polo
Gospel Music Chidinma – Goodness and Mercy ft. Prinx Emmanuel