McDonald's to Ramp Up Refrancising and Save Money
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In a video posted on McDonald's website Monday morning, CEO Steve Easterbrook announced plans to sell 3,500 restaurants to franchise operators by 2018. The previous goal was to sell 1,500 restaurants by 2016. This new push will increase the amount of McDonald's restaurants that are franchised from 81% to 90%. Easterbrook also plans to reorganize McDonald's global business, beginning July 1, by grouping together markets with similar dynamics rather than just focusing on geography, the Wall Street Journal reports. The four segments include: the US, "international lead markets," "high-growth markets" and "foundational markets." Easterbrook expects the restructuring to cut costs by $300M a year, by 2017. [WSJ]