What’s going on:
This week, ahead of announcing layoffs, McDonald’s has made the decision to temporarily close its US offices, according to The Wall Street Journal.
Corporate employees in the US and some international locations have been instructed to work remotely and cease all in-person meetings at the headquarters so that staff changes can be made virtually.
Following this announcement, McDonald’s stocks remain stable, after reaching an all-time intraday peak of $281.65.
Why it matters:
The closure is part of a larger restructuring effort; McDonald’s had warned back in January that it was “operating in too many silos, leading to redundancies” and planned to make “difficult” staffing decisions by April.
This impending round of layoffs is just one of many that have taken place in the last year, as companies struggle in the aftermath of the pandemic.
How it’ll impact the future:
To remain competitive in a constantly evolving market, the company must continuously innovate and adjust its strategies; its restructuring efforts are probably just the beginning of a bigger plan to ensure long-term success.