The burger chain will sell its Russia business, saying 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, nor is it consistent with McDonald’s values.”
In March, shortly after the war began, McDonald’s followed other Western companies and temporarily shut down its restaurants in Russia.
Once the sale is finalized, the Russian restaurants will be “de-Arched,” meaning the locations will no longer be allowed to use the McDonald’s name, logo or menu. McDonald’s (MCD) said its employees will still be paid until the transaction closes and that “employees have future employment with any potential buyer.”
CEO Chris Kempczinski said he’s proud of the more than 60,000 workers employed in Russia and said the decision was “extremely difficult.”
“However, we have a commitment to our global community and must remain steadfast in our values. And our commitment to our values means that we can no longer keep the Arches shining there,” he said.
— This is a developing story and will be updated.