McDonald’s Corp has become one of the biggest global brands to exit Russia, laying out plans to sell all its restaurants following the invasion of Ukraine.
The world’s largest burger chain, which owns about 84% of its nearly 850 restaurants in Russia, will take a related non-cash charge of up to $1.4 billion following its sale.
“Some might argue that providing access to food and continuing to employ tens of thousands of ordinary citizens is surely the right thing to do,” Chief Executive Chris Kempczinski said in a letter to employees. “But it is impossible to ignore the humanitarian crisis caused by the war in Ukraine.” “It gives them the option longer term to be able to re-enter the market,” Edward Jones analyst Brian Yarbrough said.
“It is a hit for McDonald’s financially, but it shows that Western companies and brands are calculating that either they cannot do business in Russia or the costs, including reputational costs, are just too high,” Paul Musgrave, a political science professor at the University of Massachusetts, said.
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