“His new name is Vkusno i tochka,” Oleg Paroyev, director general of the new group, told a news conference in Moscow.
Full of new logos to replace the Golden Arches, the restaurant in Moscow’s Pushkin Square – where McDonald’s first opened its doors to long queues and great fanfare in January 1990 – will reopen at noon (0900 GMT).
Earlier, the fast food giant McDonald’s United States (US) announced on May 16 that it will exit Russia after the Ukraine attack on Moscow. Three days later, Russian entrepreneur Alexander Govor, who had become the licensee of the chain and bought the 850-restaurant operation.
“I am very proud of the honor that has been given to me to develop this business,” said Govor. “I am ambitious and I am not only planning to open 850 restaurants but also to develop new ones,” he continued.
Under the terms of the sale, Govor agreed to retain employees for at least two years and fund outgoing liabilities to suppliers, landlords and utilities, McDonald’s said.
The price of the transaction was not disclosed but in announcing its exit, McDonald’s said it plans to take a one-time fee of $1.2 billion to $1.4 billion to write off the investment.