Food And Beverage
McDonald’s became one of the largest global brands to leave Russia, laying out plans to sell all its restaurants after operating for over 30 years in the country following the invasion of Ukraine by the nation.
The world’s largest burger chain, McDonald’s, which owns about 84% of its almost 850 restaurants in Russia, will take a related non-cash charge of approximately $1.4 billion following its sale.
In March, the fast food giant decided to close its restaurants in Russia, including the iconic Pushkin Square location in central Moscow—a symbol of flourishing American capitalism in the dying embers of the Soviet Union.
The fast-food chain represented the thawing of Cold War tensions. It became a way to sample Western food and soul for millions of people, even though the cost of a meal at the place was several times bigger than the daily budgets of many city residents.
Chris Kemczinski, the CEO of McDonald’s, said in a letter to the employees that some might argue that providing access to food and employing tens of thousands of ordinary citizens is undoubtedly the right thing to do. However, it was impossible to ignore the humanitarian crisis caused by the war in Ukraine.
Last year, McDonald’s generated almost 9%, or $2 billion, of its revenue from Russia and Ukraine.