Skip to content
Friday, Aug 19, 2022
investecaccountants investecaccountants

Obey Your Finance

August 18, 2022

126 Startups Pitched Their Ideas At EPiC In Hong Kong, However Only 1 Walked Away

August 16, 2022

Advertising & Advertising Industry Information

August 14, 2022

20 Finest Business Ideas To Make Cash In 2020 (Low Investment Concepts)

Primary Menu
  • Business & Finance
  • Online Shop
  • Florist
  • Business Plan
  • Google Business
  • Business Ideas
  • Finance News
  • general
    • About Us
      • Advertise Here
      • Contact Us
      • Privacy Policy
      • Sitemap
  • Home
  • After 32 years, McDonald’s plans to sell its Russia business
Business News

After 32 years, McDonald’s plans to sell its Russia business

May 20, 2022
Edna J. May
Read Time : 4 Minutes

After more than three decades in Russia, McDonald’s — an icon of US lifestyle and capitalism — is selling its Russia business as it looks to leave the country completely.

The move is a significant departure for a brand whose growth across the world became the symbol of globalism and even the basis of a peace theory. As globalist aspirations have fractured in recent years amid the coronavirus pandemic and geopolitical tensions, Russia’s invasion of Ukraine has forced many companies that hoped to operate as normal to take action.

Under growing employee and consumer pressure, many brands and restaurant chains have partly — or fully — paused their operations in Russia. But few have left entirely because of concerns over the welfare of employees and the difficulties of reentering after a departure. McDonald’s said in March that it would temporarily close its operations there, as did several other chains, including Starbucks and Yum Brands, the parent company of KFC and Pizza Hut. Many employees and activists have pushed for a full retrenchment.

Get Innovation Beat

Boston Globe tech reporters tell the story of the region’s technology and innovation industry, highlighting key players, trends, and why they matter.

“This is a complicated issue that’s without precedent and with profound consequences,” McDonald’s CEO Chris Kempczinski wrote in a memo to franchises, employees, and suppliers that was obtained by The New York Times.

He added: “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. But it is impossible to ignore the humanitarian crisis caused by the war in Ukraine. And it is impossible to imagine the Golden Arches representing the same hope and promise that led us to enter the Russian market 32 years ago.”

McDonald’s plans to sell its business to a local buyer. It will “de-arch” those restaurants, meaning they will no longer use the McDonald’s name, logo, or branding. McDonald’s said in a statement that its “priorities include seeking to ensure the employees of McDonald’s in Russia continue to be paid until the close of any transaction and that employees have future employment with any potential buyer.” It will retain its trademarks in Russia.

As result of the move, McDonald’s will record a write-off of $1.2 billion to $1.4 billion and recognize “foreign currency translation losses,” the company said in the statement.

McDonald’s entrée into Russia began at the 1976 Olympics in Montreal, Kempczinski wrote in the memo, when the chain allowed the Russian Olympic team to use its Big Mac Bus. Fourteen years later, in January 1990, McDonald’s opened in Moscow.

“In the history of McDonald’s, it was one of our proudest and most exciting milestones,” Kempczinski wrote. “After nearly half a century of Cold War animosity, the image of the Golden Arches shining above Pushkin Square heralded for many, on both sides of the Iron Curtain, the beginning of a new era.”

McDonald’s, which has 39,000 restaurants in over 100 countries, has since invested billions of dollars across its supply chain and restaurants in Russia.

“This was not an easy decision, nor will it be simple to execute given the size of our business and the current challenges of operating in Russia,” Kempczinski wrote. “But the end state is clear.”

Tagged in : "Women'S Business Casual Amazon Fba Business Atlanta Business Chronicle'S Boss Baby Back In Business Business Administration Degree Business Attire Women Business Card Design Business Cards Templates Business Casual Dress Business Casual Outfits Business Checking Account Business Credit Card Business For Sale Near Me Business Intelligence Platform Business Lawyer Near Me Business Loan Calculator Business Name Ideas Business Professional Women Business Spectrum Login California Business Entity Search Capital One Spark Business Carl Weber'S The Family Business Charlotte Business Journal Custom Business Cards Delaware Business Search Fl Sos Business Search Florida Business Search Harvard Business Publishing Insurance For Small Business Kelley School Of Business Maryland Business Express Maryland Business Search" Moo Business Cards National Business Furniture New York Business Search Ohio Business Gateway Onedrive For Business Online Business Ideas Paramore Misery Business Risky Business Cast Small Business Insurance Spectrum Business Customer Service Tom Cruise Risky Business Us Small Business Administration Verizon Wireless Business Verizon Wireless Business Login Virtual Business Address What Is Business Administration Yelp Business Login Yelp For Business

Related Articles

March 30, 2022

Five killed in Bnei Brak terror attack

July 24, 2022

From Fenty Beauty to Savage X Fenty: How Rihanna has taken over the music and business worlds

June 23, 2022

Fox News paid Melissa Francis $15 million after pay disparity claim

Post navigation

Previous Previous post: Panasonic Eyes IPO for Supply Chain Business
Next Next post: Leap in business costs fails to dent economy’s ‘resurgent recovery’ in February | Business News
August 2022
M T W T F S S
1234567
891011121314
15161718192021
22232425262728
293031  
« Jul    

Categories

  • Business & Finance
  • Business Ideas
  • Business News
  • Business Plan
  • Finance News
  • Florist
  • general
  • Google Business

Archives

  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • March 2020
  • November 2018
  • October 2018
  • January 2017

Recent Posts

  • 126 Startups Pitched Their Ideas At EPiC In Hong Kong, However Only 1 Walked Away
  • Advertising & Advertising Industry Information
  • 20 Finest Business Ideas To Make Cash In 2020 (Low Investment Concepts)
  • What Is SEARCH ENGINE OPTIMIZATION Advertising And How It Works Freshmen Information
  • Westfield London Purchasing Tech Electronics

Tags

"Women'S Business Casual Amazon Fba Business At&T Business Login Atlanta Business Chronicle'S Boss Baby Back In Business Business Administration Degree Business Attire Women Business Card Design Business Cards Templates Business Casual Dress Business Casual Outfits Business Checking Account Business Credit Card Business For Sale Near Me Business Lawyer Near Me Business Loan Calculator Business Name Ideas Business Professional Women Business Spectrum Login California Business Entity Search Carl Weber'S The Family Business Charlotte Business Journal Custom Business Cards Delaware Business Search Florida Business Search Fl Sos Business Search Harvard Business Publishing Insurance For Small Business Kelley School Of Business Maryland Business Express National Business Furniture New York Business Search Ohio Business Gateway Onedrive For Business Online Business Ideas Paramore Misery Business Risky Business Cast Small Business Insurance Spectrum Business Customer Service Tom Cruise Risky Business Us Small Business Administration Verizon Wireless Business Verizon Wireless Business Login Yelp Business Login Yelp For Business

Visit Now

Another example

BL

TL

Intellifluence Trusted Blogger

https://citratextile.com/keserasian-warna-antara-kebaya-dan-hijab.html

guestpost.buybacklinks.online 

Copyright All rights reserved Theme: News Base by Themematic
Friday May 20, 2022