Aug 21 Reuters DP Eurasia, which runs the Domino39;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, DPRussia39;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 group39;s presence in Russia, DP Eurasia said in a statement.

The company said the unit39;s external debt of about 520 million roubles 5.56 million had been settled by DP Eurasia39;s Turkish subsidiary, reducing the group39;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

Reporting by Eva Mathews in Bengaluru; Editing by Dhanya Ann Thoppil and Savio D39;Souza

Source Reuters