McDonald’s will shut down 500 stores this year in an effort to boost profits. The closings will likely come from poorly performing locations in the US, the company said in an earnings call this week.
The fast-food giant is already down 91 US locations (out of a super-sized 14,259) after last year’s 700-plus global closings. The company also said it intends to open 1,000 more in better locations.
CEO Steve Easterbrook wants to make McDonald’s a more focused operation, and investors look like they're lovin’ it; McDonald’s stock is up 30% over the past year.
The restaurant’s Q4 US operating income is up 30% as well, as savings from earlier closings has been reinvested in other locations. [TheStreet]
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