The Chicago burger large mentioned its current licensee Alexander Govor, who operates 25 eating places in Siberia, has agreed to purchase McDonald’s 850 Russian eating places and function them underneath a brand new identify. McDonald’s didn’t disclose the phrases of the sale.

McDonald’s was among the many first Western shopper manufacturers to enter Russia in 1990. Its giant, gleaming retailer close to Pushkin Sq. in Moscow signaled a brand new period of optimism within the wake of the Chilly Warfare shortly after the autumn of the Berlin Wall.

The corporate shuttered its Russian areas in March due to Russia’s invasion of Ukraine, a choice the corporate mentioned value it $55 million per thirty days. On Monday, McDonald’s introduced it could promote these shops and depart Russia.

It’s the primary time the corporate has “de-arched,” or exited a significant market. It plans to start out eradicating golden arches and different symbols and indicators with the corporate’s identify. McDonald’s mentioned it should additionally will preserve its logos in Russia and take steps to implement them if obligatory.

The sale introduced Thursday is topic to regulatory approval and is predicted to shut inside a couple of weeks, McDonald’s mentioned.

Govor, a licensee since 2015, has additionally agreed to retain McDonald’s 62,000 Russian workers for at the very least two years on equal phrases. Govor additionally agreed to pay the salaries of McDonald’s company workers till the sale closes.

McDonald’s left open the chance that it may sooner or later return to Russia.

“It’s unattainable to foretell what the longer term could maintain, however I select to finish my message with the identical spirit that introduced McDonald’s to Russia within the first place: hope,” CEO Chris Kempczinski wrote Monday in a letter to workers. “Thus, allow us to not finish by saying, ‘goodbye.’ As an alternative, allow us to say as they do in Russian: Till we meet once more.”