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Monday, October 3, 2022

McDonald’s leaving Russia altogether

EconomyMcDonald's leaving Russia altogether

New York (The Times Groupe)- After temporarily closing 800 of its restaurants due to the Russian invasion of Ukraine, McDonald’s has decided to leave Russia altogether after 30 years of business.

McDonald’s will sell its Russia business, citing the “humanitarian crisis caused by the war in Ukraine, together with an unpredictable operating environment, have led McDonald’s to conclude its ownership of the business in Russia is no longer tenable or consistent with the company’s values.”

In March, following other Western companies, McDonald’s temporarily closed its restaurants in Russia shortly after Russia began war against Ukraine.

In the event the sale is completed, the Russian restaurants will be de-Arched, meaning they will no longer be allowed to use the McDonald’s name, logo, or menu. McDonald’s (MCD) said its employees will still be paid until the deal closes, and that “employees could be employed by any potential buyer.”

The CEO said he is proud of the more than 60,000 employees in Russia and that the decision was “extremely challenging.”

“We have a commitment to our global community and must remain steadfast in our values. This means that we cannot continue to shine the Arches in these places,” he said.

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