Overnight news – Big moves from Maccas.
- McDonalds will all 850 restaurants in Russia
- Its the first global brand to fully exit the country
- “Some might argue that providing access to food and continuing to employ tens of thousands of ordinary citizens, is surely the right thing to do,” he added.
- “But it is impossible to ignore the humanitarian crisis caused by the war in Ukraine. And it is impossible to imagine the Golden Arches representing the same hope and promise that led us to enter the Russian market 32 years ago.”
McDonald’s will write off a charge of up to $1.4bn to cover the exit.