American multinational fast food chain,
McDonald’s Corporation, has
perfected plans to divest from its business in Russia after excess of three
decades of operation in the country.
AFRICUNIA TV
gathered that the decision to exit Russia is because of the country’s continued
attack on Ukraine.
In a statement which was made
available to this television station, the Chicago-based based company said, “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 This is not
consistent with McDonald’s values.”
The company added that it would
look to find a buyer in Russia.
On the outlets scattered all over
Russia, McDonald’s name, menu and branding including the iconic golden arches
in the shape of an “m”, can no longer be used.
McDonald’s said it would make
sure that its 62,000 employees in Russia continue to be paid until a deal
finalises its priority.
The company will book special
costs of $1.2 to $1.4 billion for the exit, including write-downs and foreign
currency losses.
The complete withdrawal follows
McDonald’s announcement on March 8 that it had temporarily closed restaurants
and paused operations in Russia.
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