(April 25, 2015) – According to McDonald’s Corp. they will close 350 underperforming restaurants around the world, as the company continued to suffer from negative sales and traffic in each of its major markets.
The closures included 220 restaurants in the U.S. and in China, as well as 130 closures by McDonald’s Japan.
The company continues to remain in a two-year sales slump. They continued to blame competitive activity, as other quick-service and fast-casual chains have eaten into McDonald’s immense market share over the past 18 months.
“As the world’s leading restaurant company, we are evolving to be more responsive to today’s customer,” McDonald’s CEO Steve Easterbrook said in a statement. “McDonald’s management team is keenly focused on acting more quickly to better address today’s consumer needs, expectations and the competitive marketplace. We are developing a turnaround plan to improve our performance and deliver enduring profitable growth.”
He said the company intends to share the initial details of this plan on May 4.