The quick-service chain is fast-tracking 200 closures; CEO Chris Kempczinski says ‘the public-health situation appears to be worsening’ in the U.S.
McDonald’s is fast-tracking the closure of low-volume stores, with 200 planned this year. Of those, more than half are inside Walmart stores.
“The U.S. is accelerating some restaurant closings previously planned for future years,” Chief Financial Officer Kevin Ozan said Tuesday. “Of the 200 US closures for this year, over half are low-volume restaurants in Walmart store locations.”
The closures were announced during the company’s second-quarter earnings call, where revenue, net income and same-store sales tumbled dramatically as the quarter showed the full impact of the coronavirus pandemic.
Global same-store sales declined 23.9%, but saw sequential improvement with the month of June, down 12%.
Recovery has been slower than expected in some ...
This content is available for registered users
Already have an account?
