McDonald's to Exit Russia
May 16 2022 - 6:55AM
Dow Jones News
By Dean Seal
McDonald's Corp. is exiting the Russian market completely and
plans to sell its entire portfolio of restaurants in the
country.
The fast food giant had previously paused its operations in
Russia in light of the war in Ukraine, and said Monday that
continued ownership of its business in Russia is no longer tenable
nor "consistent with McDonald's values."
"We have a commitment to our global community and must remain
steadfast in our values," Chief Executive Chris Kempczinski said in
a statement. "And our commitment to our values means that we can no
longer keep the Arches shining there."
The company expects to write off its net investment in the
market to the tune of a charge of between $1.2 billion and $1.4
billion and recognize a significant foreign currency translation
loss.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
May 16, 2022 06:40 ET (10:40 GMT)
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