McDonald’s Corp. is planning corporate layoffs this week and will temporarily close its U.S. offices in preparation for the cuts, according to a report Sunday.
The Wall Street Journal reported late Sunday that the fast-food chain’s corporate offices in the U.S. will be closed Monday through Wednesday, and all in-person meetings have been canceled. Layoff notices will reportedly be delivered online.
It was unclear how many jobs may be affected; McDonald’s employs more than 150,000 people worldwide.
McDonald’s shares
MCD,
are near an all-time high; last month, CFRA analyst Siye Desta said fast-food spending is expected to remain strong in 2023, despite consumers cutting back on other spending amid high inflation.
McDonald’s beat earnings expectations in January, and at the time the company said it planned on cost savings from upcoming workforce reductions.
McDonald’s stock is up about 6% year to date, and has gained 12% over the past 12 months, compared to the 0.4% gain in 2023 and 4.4% decline over the past year for the Dow Jones Industrial Average
DJIA,
of which it is a component.
This post was originally published on Market Watch
