Mcdonalds Going Out Of Business – McDonald’s says it is pulling out of the Russian market for good, after that country’s invasion of neighboring Ukraine made doing business in the country “no longer viable”.
The McDonald’s at Moscow’s Domodedovo airport was shown in March, still open weeks after its American parent company ordered the closure of all locations following Russia’s invasion of Ukraine. In an announcement on Monday, the fast food chain said it was withdrawing from the Russian market for good. (Dmitrij Kozlov/)
Mcdonalds Going Out Of Business
Like many global companies, the Chicago-based fast-food chain announced it would temporarily close all of its restaurants in Russia in February, when Russian President Vladimir Putin launched his invasion. The move from McDonald’s was said to be temporary at the time, as leaving 850 locations and 62,000 employees would be painful in the long term, and the chain hoped to find a win-win solution.
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“The humanitarian crisis caused by the war in Ukraine and the suddenly unpredictable operating environment have led McDonald’s to conclude that continued ownership of the business in Russia is no longer sustainable, nor is it consistent with McDonald’s values,” spokesman Joseph Lapaille told the News. in an emailed statement.
After the temporary closure was announced, McDonald’s was one of the few foreign chains to find that it did not have as much control over its restaurants in the country as it thought it did, as several locations owned by independent franchisees remained open and continued to serve customers the same fare. as always.
Why some fast food chains are still open in Russia 11 months ago Duration 2:06 Hundreds of fast food restaurants are still open in Russia, despite global chains such as McDonald’s, Burger King and KFC announcing plans to close work in the country because of the Ukraine war. These restaurants are likely to be owned by franchisees, making it difficult for companies to close them.
The company says it will seek to have the Russian buyer hire and pay its own employees until the sale closes, but the company has not identified who that potential buyer would be.
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It said it plans to immediately begin removing golden arches and other symbols and signs bearing its name from the country, so it’s unclear what will happen to the signs of many McDonald’s-branded restaurants in Russia.
The company’s locations in Ukraine are also temporarily closed, but all staff are being paid and the company says it plans to reopen there as soon as it can.
The move will cost the chain about 9 percent of its revenue and a one-time charge of up to $1.4 billion to write the business off its books, but shares in the company were largely unchanged on the news.
“Much of the Russian exposure has been priced into McDonalds and Wall Street appears ready to move on,” Edward Moya of exchange firm Oanda said of the reaction. McDonald’s is facing a legal battle with a startup that wanted to diagnose problems with its ice cream machine.
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If you’ve ever tried to order a McFlurry from your local McDonald’s only to find that the fast food restaurant’s soft serve machine is conveniently broken, well, you’re not the only one. Right now, close to 10% of all McDonald’s soft serve manufacturers globally are out of order, according to the “McBroken” real-time tracking machine. An Alameda-based startup called Kytch has created a device with the goal of bringing that percentage down to zero — an ambition that McDonald’s shot down.
The startup filed a lawsuit Tuesday in the U.S. District Court for the District of Delaware seeking $900 million in damages. The complaint alleges that McDonald’s interfered with contracts with Kytch’s customers and accuses the restaurant chain of false advertising.
Kytch, founded in 2019 by Melissa Nelson and Jeremy O’Sullivan, made small devices to go into chronically broken soft-serve machines, made by McDonald’s partner The Taylor Co. The devices allow users to solve well-documented machine problems using a smartphone. Kytch’s customers were McDonald’s franchisees, who operate tens of thousands of McDonald’s locations around the world.
McDonald’s, however, didn’t like it. Kytch alleged in his complaint that the company sent emails to each franchisee in November 2020 advising McDonald’s to immediately stop using Kytch’s devices. The emails, which Kytch claims were detrimental to the startup’s sales, allegedly said the devices violated machine warranties, could cause “serious human injury” and gave Kytch access to “confidential information.” Kytch claims in the complaint that those security warnings were false, designed to discredit the startup and give Taylor more work.
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“Taylor intentionally created ‘equipment reliability problems’ for years, and his repair and maintenance business earned hundreds of millions of dollars in fees for repairs that Taylor himself caused,” the complaint states.
In his first complaint filed in May 2021, Kytch claimed that Taylor used to make a device similar to theirs, causing the manufacturer to obtain a restraining order. Now Kytch is going after McDonald’s for cutting off his customer base.
“Kytch was the only product on the market that was positioned to repair McDonald’s soft serve machines,” the complaint said.
Has reached out to McDonald’s for comment on the lawsuit and will let you know if or when the company responds.
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“Nothing is more important to us than food quality and safety, which is why all equipment in McDonald’s restaurants is thoroughly checked before being approved for use. After learning that Kytch’s unapproved device was being tested by some of our franchisees, we held a call to we would have a better understanding of what is going on and subsequently communicate potential safety concerns to franchisees. There is no conspiracy here.”
While the lawsuit does not directly address the right to repair, Kytch’s fight against McDonald’s raises the question of whether product owners should be given the means and equipment to repair their own devices, or whether those repairs should be in the hands of the companies themselves. .
Nat Rubio-Licht is a news writer based in Los Angeles. They graduated from Syracuse University with degrees in newspaper and online journalism in May 2020. Prior to joining the team, they worked at the Los Angeles Business Journal as technology and aviation reporters.
Mobile gaming revenue will fall for the first time in history this year, according to market research firm Newzoo in its revised outlook for the global gaming market for 2022. While the entire gaming industry is expected to shrink by 4.3% — another for the first time since Newzoo began tracking the market in 2007 — the company predicts a 6.4% decline in mobile gaming spending alongside a 4.2% decline in console spending.
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Back in May, Newzoo forecast a growth year for the gaming industry, with its outlook predicting more than $200 billion in global gaming industry spending thanks to a nearly 6% increase in the mobile gaming sector to $103.5 billion. But this summer, as warning signs emerged of the effects of inflation and a severe decline in the digital ad market, analysts and market researchers began predicting an unprecedented decline for the gaming industry, which grew at incredible rates in 2020 and 2021 due to excessive spending and time spent playing video games. In particular, mobile gaming fell for the first time in history in the first half of the year.
Mobile gaming has typically made up for losses in console and PC gaming and has been the industry’s largest and fastest-growing sector for years. But this year’s decline marks a surprising decline for mobile phones. “U.S. mobile gaming spending continues to decline as consumers grapple with economic uncertainties and a new post-pandemic normal,” Dennis Yeh, Sensor Tower’s head of gaming insights, said last week. “While there’s still a decent chance this year’s US mobile game revenue will exceed 2021 levels, the tailwinds have firmly shifted the conversation away from the question of how much.”
A combination of factors has created a particularly difficult time for game developers, and not just for mobile. For one thing, consumers are spending less on games due to inflation driving up the prices of everyday goods. A number of high-profile console and PC games have also suffered delays this year, setting the stage for a return to growth in 2023.
“Some of the drivers of the decline include the return of experiential spending, higher prices in everyday consumption categories such as food and fuel, uncertain supply of video game console hardware and certain accessories such as gamepads, and smaller game releases, among others,” explained the gaming director NPD’s Mat Piscatella back in July, when NPD forecast an 8.7% decline in the US gaming market.
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In addition, the digital advertising market on which many mobile games rely for revenue is also having a tough year, in part because Apple’s privacy changes in iOS have made it harder to track the effectiveness of install ads, which many mobile developers use to acquire new users and also make money from other application manufacturers. (Many mobile games allow players to earn digital currency by viewing ads that encourage them to install competing games.)
Advertisers are also simply spending less. “The weather here is clear: crashes happen like
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