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McDonald's to close 200 US stores, majority of which are inside Walmart locations
Former McDonald’s USA CEO: Closing some restaurants is a good thing
Former McDonald’s USA CEO Ed Rensi discusses 200 McDonald’s restaurants closing during the coronavirus pandemic and the future of business in the new era.
McDonald's expects to permanently close 200 of its U.S. locations this year, over half of which are located within Walmart stores where sales have fallen.
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The move was described as an "acceleration of closings" that were originally planned for future years, according to a regulatory filing. Even after the planned closures, however, the company is projected to see a net gain of 350 stores by years' end, the filing stated.
McDonald's President and CEO Chris Kempczinski said the coronavirus pandemic continues to cause uncertainty and depress consumer sentiment but he believes the April-June period will be the trough in the company's performance.
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Over a three-month period ending June 30, McDonald's company-operated sales and franchised revenues decreased around 30 percent, the company said. During the past six months, revenue was down about 18 percent.