‘McDonald’s is closing hundreds of its stores as it continues to struggle financially. The chain revealed today in its first quarter earnings report that McDonald’s plans to slash costs by closing “about 220 under-performing restaurants primarily in the U.S. and China.” There are also plans to shutter 130 restaurants in Japan. This is on top of the 350 restaurants the chain already shut down during the quarter.
The earnings report is bleak: The company’s global sales dropped by 2.3 percent and there was an 11 percent decrease in total revenues. Bloomberg adds that same store sales fell by 2.6 percent this quarter and net income fell by 33 percent.’
Read more: Voting With Your Dollars: McDonald’s To Close 220 Restaurants