McDonald's Is Permanently Closing All Their Restaurants In Russia

justjared.com:

McDonald’s has made a big decision about its locations in Russia, and have announced that they will be leaving the country indefinitely.

The fast food company revealed their decision this week that their doors in all the locations in the country will be closing up for good. Click inside to read more… After temporarily closing their doors due to the Russian invasion of Ukraine earlier this year, McDonald’s shared that it’s now going to be permanent.

According to the press release, McDonald’s said it was “no longer tenable, nor is it consistent with McDonald’s values” to continue owning in the country due to the “humanitarian crisis” caused by the ongoing war. “We’re exceptionally proud of the 62,000 employees who work in our restaurants, along with the hundreds of Russian suppliers who support our business, and our local franchisees,” Chris Kempczinski, McDonald’s President and Chief Executive Officer, said. “Their dedication and loyalty to McDonald’s make today’s announcement extremely difficult.” He continued, “However, we have a commitment to our global community and must remain steadfast in our values, and our commitment to our values means that we can no longer keep the Arches shining there.” The plan is to sell their Russian restaurants to a local buyer and plans to continue to pay all employees in the country until the close of sale.

In addition, following the sale, McDonald’s will begin the process of “de-Arching” the restaurants and said that it will write off up to $1.2-1.4 billion from the exit and “recognize foreign currency translation losses.” McDonald’s restaurants in Ukraine also remain closed but the company continues to pay their employees full salaries and support local relief efforts organized by