Business

McDonald's is quitting Russia after more than 30 years in the country

Business Insider US
McDonald's shut most of its 850 restaurants in Russia in mid-March. picture alliance via Getty Images
McDonald's shut most of its 850 restaurants in Russia in mid-March. picture alliance via Getty Images

McDonald's announced Monday it's quitting Russia after more than 30 years in the country because its business there is "no longer tenable."

The fast food giant said: "The humanitarian crisis caused by the war in Ukraine, and the precipitating unpredictable operating environment, have led McDonald's to conclude that continued ownership of the business in Russia is no longer tenable, nor is it consistent with McDonald's values."

McDonald's said it will sell its Russian business to a local buyer and will "de-Arch" all its restaurants in the country, meaning that the company's name, branding, menu, and logo can't be used.

"We have a commitment to our global community and must remain steadfast in our values," McDonald's CEO Chris Kempczinski said. "And our commitment to our values means that we can no longer keep the Arches shining there."

McDonald's said in early March that it had temporarily closed its restaurants in Russia and paused operations in the market.

This is a developing story. Please check back for updates...


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