Burger chain McDonald's Corp is temporarily closing its U.S. offices
McDonald's temporarily shuts US offices, prepares layoff notices: report
According to a report by the Wall Street Journal, McDonald's Corporation is temporarily closing its U.S. offices this week as it prepares to inform corporate employees about layoffs.
The fast food giant is reportedly undertaking this move as part of a broader company restructuring.
In an internal email last week, McDonald's informed U.S. employees and some international staff that they should work from home from Monday through Wednesday, so the company can deliver staffing decisions virtually.
The CEO stated that the company plans to evaluate roles and staffing levels in parts of the organization, and there will be difficult discussions and decisions ahead.
David Zanoni, a financial author and Seeking Alpha contributor, stated that the fast-food chain's closing price on Thursday was a result of analyst upgrades of earnings per share.
McDonald's had just over 40,000 restaurants globally at the end of 2021, with more than 13,000 U.S. locations.
McDonald's is expected to announce its Q1 earnings later this month, according to analysts. In January, the fast-food giant surpassed the Q4 earnings and revenue estimates of analysts.