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Paul Ndichu pleads not guilty to assault and malicious damage of property at Ole Sereni hotel

Yum Brands Inc (YUM.N), the parent company of KFC, announced that it is halting investment in Russia, a major area that aided the brand’s record growth last year. Yum also announced that it was suspending operations of its 70 KFC company-owned restaurants in Russia, as well as concluding a deal with its master franchisee to shut down all Pizza Hut shops in the country.

Yum, which has at least 1,000 KFC and 50 Pizza Hut outlets in Russia, nearly all of which are owned by independent franchisees, announced on Monday that it had “frozen all investment and restaurant development in Russia while we continue to evaluate further possibilities.” Yum may not have as much control over the restaurants as it would if it controlled them itself, but it also has less exposure to financial and operational risks.
KFC officials noted during an earnings call on Feb. 9 that last year was a record year for development, with new locations opening in China, India, and Russia. In 2021, KFC international will have opened more than 2,400 gross units. In Russia, the company was opening roughly 100 new restaurants each year and planned to pursue “a similar expansion strategy in the future.” As a result of the sanctions and indignation over Russia’s invasion of Ukraine, several corporations have begun to pull their operations out of the country. More corporations are being urged to follow suit
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