McDonald's temporarily closes 850 stores in Russia and 100 restaurants in Ukraine
Mar. 08, 2022 12:58 PM ETMcDonald's Corporation (MCD)By: Niloofer Shaikh, SA News Editor50 Comments
- McDonald's (MCD +2.0%) is temporarily closing all of its 850 restaurants in Russia in response to the country's invasion of Ukraine.
- Though it will continue paying its 62,000 employees in Russia.
- CEO Kempczinski said it's impossible to know when the company will be able to reopen its stores.
- The company has also temporarily closed 100 restaurants in Ukraine and continues to pay those employees.
- This decision could financially hit the company as restaurants in Russia and Ukraine contributed 9% of its annual revenue, or around $2 billion.
- Many corporations have ceased operations in the country in protest of the Ukraine invasion.