Almost a month after the U.S. fast-food giant McDonald’s Corp MCD announced closing operations in Russia, its restaurants have reopened with new ownership and name, Reuters reported.
What Happened: In response to the Russian invasion of Ukraine, McDonald’s said in May it would exit the Russian market after operating in the country for 32 years.
The company then sold its restaurants — more than 800 of them — to Russian businessman Alexander Govor, who rebranded the outlets as Vkusno-i tochka, which translates as “Tasty, and that’s it.”
The renewed logo resembles the letter “M,” comprised of symbols that represent two fries and a hamburger against a green background.
The first Vkusno-i tochka restaurant was opened on Sunday in Pushkin Square, the same place McDonald’s put up its first restaurant in Soviet Moscow in 1990 when it sold as many as 30,000 burgers.
The company would initially rebrand 15 restaurants in and around the Russian capital and cover all 850 by the end of summer.
Menu Changes: The Big Mac and McFlurry have disappeared from the menu, but double cheeseburgers and fish burgers are being sold at a cheaper rate than McDonald’s prices.
McDonald’s joined a slew of western companies that exited Russia – including the KFC and Pizza Hut parent 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.