This Is How the “Everything Bubble” Will End.
McDonald's shuts 300 restaurants in China as coronavirus spreads.
Fast food chain sets up epidemic task force for virus, which has killed 132 people
McDonald’s has closed hundreds of restaurants in China and added its name to the list of global companies bracing themselves for the impact of the coronavirus outbreak, amid signs of a mounting economic effect alongside the human cost.
The fast food chain said it had shut about 300 restaurants and set up a epidemic task force in response to the virus, which has killed 132 people and infected more than 6,000, particularly in Wuhan, the capital of Hubei province.
Although McDonald’s didn’t open a restaurant in mainland China until 1990, the country has become one of its largest and fastest-growing markets, with about 3,300 restaurants and 1,500 more planned by 2022.
Its operations in the country make up nearly a tenth of its worldwide restaurant count, nearly 5% of sales and 3% of operating profit.
“China is a critical market for us and we’re very concerned about the situation over there,” said the chief executive, Chris Kempczinski, although he said the overall impact on profits would be fairly small if the virus remained relatively contained.
Disclaimer:
We are not registered or licensed in any jurisdiction whatsoever to provide investing advice or anything of an advisory or consultancy nature,
and are therefore are unqualified to give investment recommendations.
Always do your own research and consult with a licensed investment professional before investing.
This communication is never to be used as the basis of making investment decisions, and it is for entertainment purposes only.
McDonald's shuts 300 restaurants in China as coronavirus spreads.
Fast food chain sets up epidemic task force for virus, which has killed 132 people
McDonald’s has closed hundreds of restaurants in China and added its name to the list of global companies bracing themselves for the impact of the coronavirus outbreak, amid signs of a mounting economic effect alongside the human cost.
The fast food chain said it had shut about 300 restaurants and set up a epidemic task force in response to the virus, which has killed 132 people and infected more than 6,000, particularly in Wuhan, the capital of Hubei province.
Although McDonald’s didn’t open a restaurant in mainland China until 1990, the country has become one of its largest and fastest-growing markets, with about 3,300 restaurants and 1,500 more planned by 2022.
Its operations in the country make up nearly a tenth of its worldwide restaurant count, nearly 5% of sales and 3% of operating profit.
“China is a critical market for us and we’re very concerned about the situation over there,” said the chief executive, Chris Kempczinski, although he said the overall impact on profits would be fairly small if the virus remained relatively contained.
Disclaimer:
We are not registered or licensed in any jurisdiction whatsoever to provide investing advice or anything of an advisory or consultancy nature,
and are therefore are unqualified to give investment recommendations.
Always do your own research and consult with a licensed investment professional before investing.
This communication is never to be used as the basis of making investment decisions, and it is for entertainment purposes only.