McDonald’s (NYSE:MCD) is laying off hundreds of employees, cutting pay packages for some staff, and also closing some of the offices to control costs. The Wall Street Journal reported the move was part of the burger chain’s company-wide restructuring initiative.
The positions have been cut across departments, including marketing and operations, at McDonald’s corporate office in Chicago and its regional offices. Additionally, the business has let go of a number of senior employees, including a director who had worked for McDonald’s for about 20 years.
The impacted U.S. employees will remain on the company’s payroll until June 15, after which they will be eligible for severance payments. Furthermore, the laid-off employees with office cars are given the option to return them by June or purchase them.
Last week, McDonald’s requested its U.S. employees and some of its international staff to work remotely. In the meantime, the company prepared to inform employees about the layoffs.
What is MCD Stock Price Target?
On TipRanks, MCD stock commands a Strong Buy consensus rating based on 20 Buys and five Holds. The average stock price target of $296.32 implies 4.8% upside potential. Shares of the company have gained 7.6% so far in 2023.
