Yum! Brands, Inc. (NYSE: YUM) announced an update on its ongoing process to exit the Russian market. Last month, Yum! completed the transfer of ownership of all Pizza Hut franchise assets to a local operator who has initiated the process of re-branding locations to a non-Yum! concept. The Company is also in advanced stages of transferring ownership of its KFC restaurants, operating system and master franchise rights, including the network of franchised restaurants, to a local operator.
This builds on the Company’s prior actions to suspend operations of all company-owned restaurants, halt all investment and restaurant development efforts, and redirect any profits from Russia operations to humanitarian efforts. Following completion of the KFC transaction, Yum! Brands intends to fully exit from Russia.