34.1 C
Monday, October 3, 2022

Biden to Visit Puerto Rico Amid Hurricane Recovery Efforts

https://ift.tt/muqoSFe. President Joe Biden and his wife,...

US Ian Storm Death Toll Hits 85  

https://ift.tt/U1vLbEB death toll from Hurricane Ian, one...

Why Burger King ‘refuses’ to close in Russia

Local partner has rejected demands from US corporate headquarters to cease operations

The operator of Burger King fast-food chain in Russia has “refused” to close its 800 restaurants in the country despite demands from company headquarters to shut down, Restaurant Brands International has said.

We contacted the main operator of the business and demanded the suspension of Burger King restaurant operations in Russia. He has refused to do so,” David Shear, President of Restaurant Brands International which owns the burger chain, said in a press release published on Thursday.

Burger King entered the Russian market ten years ago through a joint venture partnership in which RBI owns a minority stake of 15%. Its Russian business, consisting of some 800 restaurants, is controlled by businessman and restaurateur Alexander Kolobov, who, according to Shear, refused to close the restaurants.

Shear says Burger King would like to dispose of its ownership stake in the business “immediately,” but “complicated” contracts mean it is unable to “simply walk away.”

READ MORE: International brands scammed Russians – reports

Many Western companies have quit the Russian market or suspended their business in the country. Rival burger chain McDonald’s owns more than 80% of its restaurants in Russia which enabled them to temporarily close restaurants. Among other food giants to leave the Russian market were Starbucks, Coca Cola, PepsiCo and Unilever.

For more stories on economy & finance visit RT’s business section

https://ift.tt/2A6irbL 20, 2022 at 11:37AM
from RT – Daily news

Support Us

Secured by Paypal

Related Stories

Check out other tags:

Most Popular Articles