NEW YORK, July 5. /TASS/. Yum! Brands, the owner of KFC fast food chain, is at the advance stage of talks for the sale of their Russian business to a local operator, the company’s press service said on Tuesday.
"Last month, Yum! completed the transfer of ownership of all Pizza Hut franchise assets to a local operator who has initiated the process of re-branding locations to a non-Yum! concept. The company is also in advanced stages of transferring ownership of its KFC restaurants, operating system and master franchise rights, including the network of franchised restaurants, to a local operator," the company said.
"Following completion of the KFC transaction, Yum! Brands intends to fully exit from Russia," it added.