Fast food company, McDonald’s has made the decision to permanently quit Russia after arriving in the country over 30 years ago, oyogist reports.
The company’s president, Chris Kempczinski, made this known in a press statement on May 16, revealing that recent events involving Ukraine mean that it no longer aligns with the company’s ‘values’.
It read: “We’re exceptionally proud of the 62,000 employees who work in our restaurants, along with the hundreds of Russian suppliers who support our business, and our local franchisees.
“Their dedication and loyalty to McDonald’s make today’s announcement extremely difficult.
“However, we have a commitment to our global community and must remain steadfast in our values. And our commitment to our values means that we can no longer keep the arches shining there.”
Due to the exit, McDonald’s is expected to record a non-cash charge of about $1.2billion.
Apparently, the company will also continue to ensure that its 62,000 employees in Russia are paid until the sale is completed.
As the chain waits to be sold, it plans to remove all symbols from the country’s restaurants, including the iconic golden arches.However, the trademark will remain in Russia.
