McDonald’s Is Actually Closing 700 Locations This Year
Days after McDonald’s announced that it would be closing 350 underperforming restaurants in the United States, Japan, and China, it was revealed that that number did not include an additional 350 other locations that are also targeted for closure this year, according to The Associated Press.
In the first financial quarter, the chain saw a 2.6 percent drop in domestic sales, while sales for Asia, the Middle East, and Africa saw an even more drastic drop of 8.3 percent.
The company was particularly affected in China, where an expired meat scandal affected public perceptions of the company, and in Japan, where customers found foreign objects in their food at three different locations.
The company, which has endured losses in customer traffic and sales all over the world, is reportedly planning to unveil a turnaround plan on May 4.
McDonald’s CEO Steve Easterbrook acknowledged in a statement that the company needed “to better address today’s consumer needs, expectations, and the competitive marketplace.”
Competitors like Chipotle and Taco Bell, meanwhile, saw consistent growth in the same period.