McDonald's quits Russia as country's isolation increases [Business News Network (BNN) (Canada)]
McDonald's Corporation (MCD)
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Source: Business News Network
The departure carries huge symbolic as well as economic weight because the fast-food chain was one of the first Western brands to set up shop in Russia when it opened a branch in Moscow's Pushkin Square in 1990, just before the fall of the Soviet Union. A reported 30,000 people lined up at the restaurant on its opening day. “McDonald's and Russia have become so intertwined that it seems impossible to imagine one without the other,” Chief Executive Officer Chris Kempczinski said in a note to employees Monday. “And yet, unfortunately, that is where we are today.” Companies in the business of selling food and other essentials, or with large store networks in Russia, were initially more reluctant to pull out of the country entirely after the war in Ukraine began. McDonald's has initiated a sale process after temporarily closing its restaurants, the company said in a statement. It expects to take a write-off of US$1.2 billion to US$1.4 billion for the move. The fast-food chain sai
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MCD
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- 4/18/24 - Form PX14A6G
- 4/9/24 - Form PX14A6G
- 4/8/24 - Form DEFA14A
- MCD's page on the SEC website