NEW YORK, March 9 — Yum Brands Inc, parent company of fried chicken chain KFC, said it was pausing investment in Russia, a key market that helped the brand achieve record development last year.
Yum, which has at least 1,000 KFC and 50 Pizza Hut locations in Russia that are nearly all independent franchisees, said in a post on its website dated Monday that it had “suspended all investment and restaurant development in Russia while we continue to assess additional options.” Last year was a record year of development for KFC, led by new restaurants opening in China, India and Russia, executives said during an earnings call on February 9.
Many companies have begun to pull their business out of Russia amid sanctions and outrage over the invasion of Ukraine. Calls for more companies to follow suit are growing.
Source: News Formal (newsformal.com)
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