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McDonald’s to Withdraw from Russian Federation

05/21/2022

In early May EGG-NEWS reported that McDonald’s Corporation has suspended operation in the Russian Federation but was paying company employees in accordance with an April 28th statement. Leases and wages cost $55 in April for the 85 percent of the 850 restaurants owned by the Company. Egg-News

 

Egg-NewsOn Monday May 16th McDonald’s Corporation announced an irrevocable decision to withdraw completely from Russia and to dispose of assets in that nation confirming the intent indicated in the early May posting. Alexander Govor a franchisee has agreed to acquire the McDonald’s assets for an undisclosed sum and the Company is expected to take a $1.5 billion charge in the second quarter of FY 2022. The McDonalds iconic golden arches have been flipped for the new logo. Saves time and money but will be a symbol of Russian Perfidity

 

The action by McDonald’s will be followed by other multinationals including Yum Brands and Starbucks. Manufacturers including  Nestle and Unilever will cease operations  to the detriment of the economy of the Russian Federation.