McDonald’s withdraws from Russia and sells all its activities

The American fast food chain McDonald’s, which closed its stores in Russia in early March, announced on Monday that it is withdrawing from the country and selling all its activities. “We are committed to our community in the world, and we must uphold our values,” the company’s general manager, Chris Kempinski, said in a statement. “Respect for our values ​​means we can no longer keep our brand” in Russia, he added.
McDonald’s has been in Russia for more than 30 years, owning 850 restaurants and employing 62,000 employees.
On March 8, the company announced the temporary closure of all its restaurants and the suspension of all operations in the country, following the example of many multinational companies that decided to distance themselves from Moscow.
“The humanitarian crisis caused by the war in Ukraine and the unpredictable economic environment that has resulted in it have led McDonald’s to believe that continuing our activities in Russia is no longer possible and incompatible with our values,” the American fast-food giant said.
The group considered that it would record uncollectible burdens of between 1.2 billion and 1.4 billion dollars due to its withdrawal from the country.
Russia, where McDonald’s directly operates 80% of the restaurants that bear its name, accounts for 9% of the US group’s revenue and 3% of its operating profit.
The group is seeking to resell its entire Russian portfolio to a local investor.
Until the transaction is completed, the Group is committed to paying its employees and ensuring their continued employment by the future buyer.
(AFP)