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McDonalds Exiting Russian Market After 30 Years Of Service – $MCD $DIA

By John F. Heerdink, Jr.

Reportedly, McDonald’s Corporation (MCD) is selling all of its restaurants in Russia, exiting the country after more than 30 years of presence following its invasion of Ukraine. McDonald’s informed it was looking to sell all its restaurants in Russia to a local buyer, but will continue to retain the trademark. The decision to sell its Russia assets is a significant retreat by world’s largest fast food chain.

In March, McDonald’s decided to shut its 847 restaurants in Russia, taking a hit of $50 million per month, and it now expects to record a non-cash charge of about $1.2 billion to $1.4 billion following the sale.

“The humanitarian crisis caused by the war in Ukraine, and the precipitating unpredictable operating environment, have led McDonald’s to conclude that continued ownership of the business in Russia is no longer tenable,” McDonald’s informed.

The company assured that its 62,000 employees in Russia will continue to be paid until the close of any transaction and that they have future jobs with any potential buyer.

McDonald’s Corporation (MCD) is the leading global foodservice retailer with nearly 37,000 locations in over 100 countries. The Corporation operates and franchises McDonald’s restaurants in the US and across the globe with over 90% of its restaurants owned and operated by local, independent businessmen and women. To learn more about McDonald’s Corporation (MCD) and to track its progress please visit the Vista Partners McDonald’s Coverage Page

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(Read Original Story: McDonald's to exit Russia after more than 30 years in Reuters)


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