McDonald’s Corp on Monday became one of the biggest global names to exit Russia, laying out plans to sell all its restaurants after operating for more than 30 years in the country following its invasion of Ukraine.
Highlights
- McDonald’s plans to sell all its restaurants in Russia after operating for more than 30 years in the country following its invasion of Ukraine.
- The world’s largest burger chain will take a related non-cash charge of up to $1.4 billion.
- It generated about 9% of its revenue from Russia and Ukraine last year.
- McDonald’s said it would ensure its 62,000 employees in Russia continue to be paid until the close of any transaction and that they have future jobs with any potential buyer.
- After McDonald’s decision to close stores in March, several American brands including Starbucks Corp.
- and PepsiCo Inc.