Putin Dealt Severe Blow
(RepublicanNews.org) – A long list of US companies suspended or withdrew their business from Russia in protest shortly after the country launched its attack on neighboring Ukraine. Fast food giant McDonald’s announced its own temporary moratorium on day-to-day operations back in March. While it fully intended to restore business at the time, officials from the corporation now say the golden arches will permanently sever those ties instead.
McDonald's said Monday it will sell off its restaurants in Russia because of the nation's invasion of Ukraine and resulting turmoil, a major exit for a company that became a symbol of western capitalism after the fall of communism in Moscow. https://t.co/ISEvyA3I1B
— The Washington Times (@WashTimes) May 16, 2022
According to a report from The New York Times (NYT), McDonald’s first arrived in Russia in 1990. At the time, the restaurant served as a symbol of capitalism and a much-needed injection of western culture, bringing hope and promise to the heavily diminished country.
McDonald’s presence in Russia was markedly successful. It remained in operation for some 32 years, eventually growing to employ more than 62,000 people across 850 restaurants.
McDonald’s CEO Chris Kempczinski told NYT reporters that the opening of McDonald’s in Russia after the Cold War was a sign of changing times for both sides. He said the company didn’t feel like it was representing that hope and promise in the country in 2022, citing the ongoing conflict and “humanitarian crisis” in Ukraine.
McDonald’s apparently intends to preserve the jobs of its more than 62,000 employees in the country. However, officials say they can’t make any guarantees. The company stands to net approximately $1.2 to $1.4 billion by selling off restaurants located in Russia.
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