McDonald's temporarily closing its restaurants in Russia
McDonald's has announced that it will temporarily close 850 restaurants in Russia
This was reported by the Washington Post.
It came almost two weeks after Russian troops invaded Ukraine.
According to the article, the company will continue to pay its 62,000 employees in Russia.
In an open letter to employees, McDonald's President and CEO Chris Kempczinski said that closing these stores at the moment is the right decision.
"Our values mean that we cannot ignore the unnecessary human suffering that is happening in Ukraine," Kempczinski said.
He added that it was unknown when the company would be able to reopen its stores.
Because of the closure, McDonald's could suffer a significant financial blow.
In a recent report to regulators, the Chicago-based company said its restaurants in Russia and Ukraine generate 9% of its annual revenue. That's about $2 billion.
To recap, the McDonald's chain closed all restaurants in Ukraine due to the military invasion.
