As per reports, McDonald’s Corporation (MCD) informed that the temporary closure of its 847 stores in Russia will cost the fast-food chain about $50 million a month. A cascade of major American brands, including Starbucks Corp, PepsiCo Inc, and Coca-Cola Co, followed McDonald’s to cease some or all business in Russia following its invasion of Ukraine. McDonald’s, an icon of the post-Soviet era, runs 84% of its Russian locations itself and said it will continue paying all of its 62,000 staff and restaurant employees there. Other costs will come from sites it leases and supply chain operations, informed Chief Financial Officer Kevin Ozan.
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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