McDonald’s reopens in Russia under a different brand

Nearly a month after US fast food giant McDonald’s Corp MCD announced its closing operations in Russia, the restaurants have reopened under new ownership and names, Reuters reported.

What happened: In response to Russia’s invasion of Ukraine, McDonald’s said in May it would exit the Russian market after working in the country for 32 years.

The company then sold its restaurants — more than 800 — to Russian businessman Alexander Govor, who renamed the stores Vkusno-i Tochka, which translates as “Yummy, and that’s all.”

The redesigned logo resembles the letter “M”, consisting of symbols representing two fries and a hamburger against a green background.

The first restaurant Vkusno-i Tochka opened on Sunday in Pushkin Square, the same place where McDonald’s had opened its first restaurant in Soviet Moscow in 1990 when it sold a staggering 30,000 burgers.

The company would initially rebrand 15 restaurants in and around the Russian capital and serve all 850 by the end of the summer.

Menu Changes: The Big Mac and McFlurry are off the menu, but double cheeseburgers and fish burgers sell for cheaper than McDonald’s prices.

McDonald’s joined a slew of Western businesses that left Russia — including the KFC and Pizza Hut mom Yum! Brands, Inc. YUM – after Russia invaded Ukraine.

Price Action: According to data from Benzinga Pro, McDonald’s shares ended 1.97% lower on Friday.

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