The Domino’s franchisee for Europe and Asia said it will file for bankruptcy in Russia, where it has more than 100 restaurants
unspecified business challenges in Russia, where it operated more than 100 restaurants. The U.S.-based Dominos Pizza has said it cut off financial support for the Russian business in December 2022.“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.
A researcher at Yale University who is tracking corporate departures from Russia has recorded more than 1,000 foreign companies exiting the country since the Kremlin launched its invasion, although several hundred others have remained. In December 2022, Domino’s announced it was evaluating its presence in Russia to see whether it could continue serving customers there despite Western sanctions. The Russian business was already classified as “discontinued” in the company’s corporate disclosures by the end of 2022.
DP Eurasia attempted to find a buyer but failed to do so, according to Monday’s press release. It said it’s too early to come up with an exact estimate of the cost of leaving Russia.
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