Reporting by Eva Mathews in Bengaluru; Editing by Dhanya Ann Thoppil and Savio D’Souza
World
Pizza firm DP Eurasia files for bankruptcy of Russian business
A staff member prepares pizzas at a Domino’s Pizza restaurant in Moscow, Russia, July 14, 2017. REUTERS/Sergei Karpukhin/File Photo Acquire Licensing Rights
Aug 21 (Reuters) – DP Eurasia (DPEU.L), which runs the Domino’s Pizza brand in Turkey, Russia, Azerbaijan and Georgia, said on Monday it would file for bankruptcy of its Russian business, ending a sale process for the unit it started late last year.
In December, the company said it was considering options for its Russian operations, including a divestment, as a flurry of Western firms exited Moscow following its invasion of Ukraine.
“With the increasingly challenging environment, DPRussia’s immediate holding company is now compelled to take this step, which will bring about the termination of the attempted sale process of DPRussia as a going concern and, inevitably, the group’s presence in Russia,” DP Eurasia said in a statement.
The company said the unit’s external debt of about 520 million roubles ($5.56 million) had been settled by DP Eurasia’s Turkish subsidiary, reducing the group’s gross debt and resulting in a gross cash balance of 162 million liras ($5.97 million).
($1 = 93.4900 roubles)
($1 = 27.1564 liras)
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