McDonald’s closes 350 restaurants worldwide in 1QMcDonald’s closes 350 restaurants worldwide in 1Q

McDonald’s Corp. said Wednesday it has closed 350 underperforming restaurants around the world in the first quarter, as the company continued to suffer from negative sales and traffic in each of its major markets.
 
The closures included 220 restaurants in the U.S. and in China, as well as 130 closures by McDonald’s Japan.
 
The Oak Brook, Ill.-based quick-service operator said same-store sales fell 2.3 percent in the first quarter ended March 31, as the company’s two-year sales slump continued. It also acknowledged that sales would be negative again in April.

In the U.S., the company found no salve in lower gas prices and higher employment, as same-store sales fell 2.6 percent in the first quarter. The company continued to blame competit...