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10 Mar 2022

McDonald's stopped Selling to Russia; 847 Store Closures to Cost $50 Million per Month

The Index Today

McDonald's Corp said on Wednesday the temporary closure of its 847 stores in Russia will cost the fast food chain about $50 million a month.

The giant fast food chain also said on Tuesday that it would temporarily close all of its restaurants in Russia including its iconic Pushkin Square location, increasing pressure on other global brands to pause operations in the country following Moscow's invasion of Ukraine.

Chief Financial Officer Kevin Ozan said during a UBS conference on Wednesday that the company is an icon of the post-Soviet era, runs 84% of its Russian locations itself and said it will continue paying all of its 62,000 staff and restaurant employees there. Other costs will come from sites it leases and supply chain operations.

©Photo: AFP

Clay pottery with table linens
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