Domino’s Pizza have said that their Russian arm is to file for “bankruptcy” after they have been “evaluating its presence” in the country.
The Russian business, DP Eurasia has failed to find a buyer and they will most likely close their London listed parent company and therefore the subsidiary will enter bankruptcy which will see 170 branches close.
DP Eurasia announced on Monday, “The company today announces the initiation of steps by DP Russia’s immediate holding company to file for DP Russia’s bankruptcy.
“This is preceded by the announcement on 28 December 2022, which confirmed that the company was evaluating its presence in Russia, the impact of sanctions, and its continuing ability to serve its customers in Russia.”
The company added, “With the increasingly challenging environment, DP Russia’s immediate holding company is now compelled to take this step, which will bring about the termination of the attempted sale process of DP Russia as a going concern and, inevitably, the group’s presence in Russia.”