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The Russian Pizza Hut franchise has been bought by Noi-M, an entity connected to local restaurant group Rosinter.
The move was reported by Reuters, citing Kommersant, a local newspaper.
According to the report, Noi-M bought Pizza Hut’s Russian business from Amrest for $4.92m (RUR300m).
All 50 Pizza Hut stores in Russia will be rebranded as a result of the deal. The new owners are yet to announce the new name of the business.
Rosinter is a casual dining chain operator in Russia. The company operates the Russian franchises of Costa Coffee and TGI Friday’s.
In March, Pizza Hut owner Yum! Brands suspended its operations in Russia in response to Moscow’s Ukraine invasion and started transferring its restaurants to local operators.
Several businesses have either halted their operations in Russia or retreated from the country after Russia sent troops into neighbouring Ukraine.
Last month, Starbucks announced that it will completely withdraw from the Russian market. The coffee house chain had 130 Alshaya Group-operated stores in the country.
However, the company will continue to pay its 2,000 employees in the country for six months as well as help them to find new opportunities outside Starbucks.
Fast-food giant McDonald’s also signed a deal to offload its Russian business to licensee Alexander Govor last month. It had around 850 locations in the country.
The McDonald’s restaurants will resume operations under a different brand name from 12 June.