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McDonald’s says restaurant closures in Russia will cost the chain $50 million a month : stocks

McDonald’s said its restaurant closures in Russia will cost the company millions of dollars.

Speaking at a UBS consumer and retail conference on Wednesday, and reported by CNBC, CFO Kevin Ozan said that while McDonald’s is still evaluating the full impact on the business, it estimates that the closure of its nearly 850 restaurants in Russia will cost the chain around $50 million per month.

The fast-food giant had come under intense pressure to act in response to Moscow’s decision to invade Ukraine, and announced Tuesday that it would temporarily close doors in Russia. Some of its leading competitors in the food and beverage space, including Yum Brands-owned KFC, followed suit shortly after.

McDonald’s has promised to continue paying the wages of the 62,000 workers it employs in Russia while its stores remain shuttered. Ozan also said at the UBS conference that the company will continue to pay the leases for its shuttered stores, along with other supply chain costs, per CNBC.

McDonald’s says restaurant closures in Russia will cost the chain $50 million a month (yahoo.com)


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