Yum Brands has announced that it is in the advanced stages of transferring ownership of its KFC restaurants, operating system and master franchise rights in Russia to a local operator.
According to a Reuters report, Yum Brands first opened KFC in Russia in 1995. The brand’s total in Russia has reached about 1,000 restaurants. Almost all are operated by operators under franchising or licensing agreements.
The company has also sold its Pizza Hut rights to a location operator with plans to exit the country.
Financial agreements for both deals have not been disclosed.