and employed 62,000 people, on Monday said its business in the country was not “consistent with McDonald’s values” following President Vladimir Putin’s invasion.
“The humanitarian crisis caused by the war in Ukraine, and the precipitating unpredictable operating environment, have led McDonald’s to conclude that continued ownership of the business in Russia is no longer tenable,” McDonald’s said in a statement. The Chicago-based company said it expected to book a non-cash charge of $1.2 billion to $1.4 billion for the exit, and did not identify a possible buyer for the business.
The company has continued to pay its Russian employees since temporarily closing its local stores in mid-March. The group on Monday said it wanted a Russian buyer to hire those workers.said: “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 [in Russia].”
The US fast-food group opened its first Russian restaurant in Moscow in 1990 when the introduction of a well-known western chain was seen as one of the markers of the end of the Soviet Union. – Copyright The Financial Times Limited 2022
This is good news for Russia
McDonalds has values....
How about the values in Xinjiang province? Or the values in Saudi Arabia? Are they ok for McDonald’s?
A bit late
The only people this will hurt are the working class Russian people who work in these horrible fast food joints. People who probably don't support the war anyway. An empty and pointless gesture from McDonalds who run chains in Europe and the EU has spent 35 billion on Russian
The wins keep piling up for Russia.
That’s putting it mildly, how about calling it for what it is; Genocide…
The West still doesn’t realise it lost the economic war . Russia is breaking all records with balance of payment, foreign cash inflow, energy & commodity revenue doubling and the Rouble at a 2 year high . This war is hugely profitable for Russia who may drag this on for years
This is how Europe feels. 'EU Drafts Plan for Buying Russian Gas Without Breaking Sanctions'. Bloomberg. Keep Biden & PENTAGON away.
Are there any MacD's operating in Saudi?
Russia should nationalize the company - and pay the owners the nominal sum of one Bigmac.
“there were 847 McDonald's in Russia at the end of 2021 and 84 per cent of them were controlled by the company. That means 135 locations were independently operated. - Mar 26, 2022”
McDonald's values 🤔
Looking forward to them closing all their Saudi Arabian outlets now next
Ronald says NYET 🇷🇺
Russia should just nationalize it - and all other foreign companies who have chosen sides against Russia.