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KFC Owner Yum Exits Russia, Sells Business to Local Franchisee

A tablet device displays the food menu inside a KFC fast food restaurant in Moscow, Russia.

A tablet device displays the food menu inside a KFC fast food restaurant in Moscow, Russia.

Photographer: Andrey Rudakov/Bloomberg

Yum! Brands Inc., owner of the KFC fast-food chain, is exiting Russia and selling the business there to Smart Service Ltd., which is operated by one of the company’s existing KFC franchisees there.

The new owner will be responsible for rebranding the restaurants to non-Yum concepts and retaining the company’s employees, the company said in a statement Monday. Yum said that after the transaction, it will cease having any corporate presence in Russia.