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(VATICAN ENQUIRER) Low profits is the reason for McDonald’s announcement of the removal of all Canadian franchises. After a year of struggling to maintain profits in 2015, the McDonald’s franchise has seen an even worse decline in 2016: starting in the US after multiple tax policies have increased the cost of doing business for the fast food giant.
After already closing down almost a thousand locations from due to impeccable profit loss, Stephen Easterbrook, CEO of McDonald’s has announced the removal of all it’s Canadian franchises by February of 2017.
As Forbes reported early 2015:
The restaurant company closed 350 stores in early 2015, on top of the 350 it had already said it would shutter, as the burger purveyor seeks to stanch sales declines. Earlier on Wednesday, McDonald’s had reported an 11% decrease in revenue and a 30% drop in profit for the first three months of the year, a continuation of its troubles in the last two years as it has struggled to compete with new U.S. competitors, a tough economy in Europe and a food safety scare in Asia. The legendary food chain even tested bizarre menu items in some countries in an attempt to boost profits.
The picture blow shows McDonald’s Chocolate Fries that were introduced in Japan earlier this year.
To all Canadians out there: you better enjoy the last few months of McDonald’s restaurants on Canadian soil. I guess what they say is true about how the good things never last forever. What do you think of this? Leave your comment below.
With reportering from theglobalsun.com