“Our values mean we cannot ignore the needless human suffering unfolding in Ukraine,” CEO Chris Kempckinski said.
FILE - A sign is displayed outside a McDonald's restaurant, Tuesday, April 27, 2021, in Des Moines, Iowa. McDonald’s said Tuesday, March 8, 2022, it is temporarily closing all of its 850 restaurants in Russia in response to the country's invasion of Ukraine. The burger giant said it will continue paying its 62,000 employees in Russia. DETROIT — McDonald’s said Tuesday it is temporarily closing all of its 850 restaurants in Russia in response to the country's invasion of Ukraine.
“Our values mean we cannot ignore the needless human suffering unfolding in Ukraine,” Kempczinski said.“The situation is extraordinarily challenging for a global brand like ours, and there are many considerations,” Kempczinski wrote in the letter. McDonald's works with hundreds of Russian suppliers, for example, and serves millions of customers each day.
McDonald's could take a big financial hit because of the closures. In a recent regulatory filing, the Chicago-based company said its restaurants in Russia and Ukraine contributed 9% of its annual revenue, or around $2 billion. Yum Brands, the parent company of KFC and Pizza Hut, said Monday that it is donating all of the profits from its 1,050 restaurants in Russia to humanitarian efforts. It has also suspended new restaurant development in the country. Starbucks has said it is also donating profits from its 130 Russian stores to humanitarian efforts.