Mcdonalds To Buy Israeli Franchises
Date
4/5/2024 10:09:57 AM
(MENAFN- Baystreet) Friday Fear: Why Stock Markets Just Dropped
Movano Jumps on Word of Private Placement
Bristol Myers Wins FDA Nod for Abecma
Core Scientific out with Operations Update
Dick's Partners with Skyships, Shares Soar Previous Articles Subscribe to Get Small Cap News & Alerts Glenn Wilkins - Friday, April 5, 2024
McDonalds to Buy Israeli Franchises
McDonald's (NYSE:MCD) shares fell Friday, after the burger giant signed a deal to purchase all 225 of the restaurants that comprise its Israel franchise, the American fast-food chain announced, following months of dramatically lower sales due to pro-Palestinian boycott action amid the Israel-Hamas war.
The restaurant outlets have been owned by Israeli company Alonyal Limited for more than 30 years.
“An agreement to sell Alonyal to McDonald's Corporation has been signed,” the McDonald's statement said Thursday.“Upon completion of the transaction, McDonald's Corporation will own Alonyal Limited's restaurants and operations, and employees will be retained on equivalent terms.”
McDonald's reported its first revenue miss in nearly four years in February, hit by weak sales growth in its division that includes the Middle East. Consumers around the world but particularly in Arab and Muslim-majority countries have boycotted the brand over what they perceive to be its support for Israel, following the move by Israel's franchise branch to provide free McDonald's meals to Israeli soldiers deploying to Gaza following the Hamas-led terror attacks of Oct. 7.
In January, McDonald's CEO Chris Kempczinski described a“meaningful business impact” in the chain's Middle East market and some areas beyond the region as a result of the war and what he called“associated misinformation” about the company.
MCD shares dipped 36 cents to $269.73.
About Us Contact Us Advertise License Our Content Jobs Disclaimer Privacy Policy
Copyright 1998 - 2024 Baystreet Media Corp. All rights reserved. Nasdaq Stocks: Information delayed 15 minutes. Non-Nasdaq Stocks: Information delayed 20 minutes. Bid and Ask quotation information for NYSE and AMEX securities is only available on a real time basis. Market Data is provided by QuoteMedia. Earnings by Zacks. Analyst Ratings by Zacks
MENAFN05042024000212011056ID1108063612
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.