The fast food company cited the humanitarian crisis caused by the war, saying that sticking to its Russia business is “no longer defensible, and not in line with McDonald’s values”.
The Chicago-based company said in early March that it would temporarily close its stores in Russia, but would continue to pay employees.
Today, CEO Chris Kempczynski said the dedication and loyalty of employees and hundreds of Russian suppliers to McDonald’s “made the decision to leave difficult.”
“However, we have a commitment to our global community and must remain steadfast in our values, and our commitment to our values means we can no longer keep the arcs shining there,” Kempczynski added in a statement.
As it tries to sell its restaurants, McDonald’s said it plans to start removing the golden arches and other symbols and signage bearing the company’s name.
Company executives revealed that since McDonald’s closed its restaurants in Russia, it has been losing nearly $55 million a month in employee salaries and payments to owners and suppliers of its restaurants in Ukraine and Russia.
The end of the McDonald’s era in Russia comes after more than 30 years of presence in the Russian market. The first McDonald’s branch was opened in Pushkin Square in the center of Moscow, in 1990.
At the time, the famous Pushkin restaurant was a symbol of the flourishing of American capitalism in the dying Soviet Union. The opening was attended by more than five thousand people.
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