- McDonald’s Corp (NYSE:MCD) plans to exit the Russian market after more than 30 years of operations in the country. The company has initiated a process to sell its Russian business.
- The move follows its announcement in March that it had temporarily closed restaurants in Russia and paused operations in the market.
- The crisis in Ukraine after Russia’s invasion and an unpredictable operating climate has led McDonald’s to make the decision.
- As part of the exit plan, the company is pursuing the sale of its entire portfolio of McDonald’s restaurants in Russia to a local buyer.
- As a result of its exit from Russia, the company expects to record a charge, which is primarily non-cash, of approximately $1.2 billion – $1.4 billion.
- Price Action: MCD shares closed higher by 0.36% at $245.06 on Friday.
- Photo Via Wikimedia Commons
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