McDonald's To Exit Russian Market As Crisis Clouds Operating Prospects

by Shivani Kumaresan, Benzinga Staff Writer

May 16, 2022 6:48 AM | 1 min read |

McDonald's Corp MCD plans to exit the Russian market after more than 30 years of operations in the country. The company has initiated a process to sell its Russian business.
The move follows its announcement in March that it had temporarily closed restaurants in Russia and paused operations in the market.
The crisis in Ukraine after Russia's invasion and an unpredictable operating climate has led McDonald's to make the decision.
As part of the exit plan, the company is pursuing the sale of its entire portfolio of McDonald's restaurants in Russia to a local buyer.
As a result of its exit from Russia, the company expects to record a charge, which is primarily non-cash, of approximately $1.2 billion - $1.4 billion.
Price Action: MCD shares closed higher by 0.36% at $245.06 on Friday.
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