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Probono · 03-29-2003, 08:52 PM

Business News
Saturday, March 29, 2003
McDonald's Reportedly to Cut Jobs

NEW YORK (Reuters) - McDonald's Corp. (MCD.N) will soon cut
several hundred administrative jobs and is delaying plans to
renovate old restaurants, the Chicago Tribune reported on
Wednesday, citing company insiders.
The company, the world's largest fast-food chain in terms
of sales, has been struggling to overcome a year of declining
sales and a "burger war" with competitors that has cut into
revenue.
McDonald's reported its first quarterly loss in January.
The company plans to delay a $300 million renovation plan
to save cash, the newspaper said. The report said the program
had received lukewarm responses from franchisees.
"We strongly caution anyone from jumping to conclusions
based on rumors and speculation," McDonald's spokesman Bill
Whitman said. "Absolutely no decisions have been made."
He added that McDonald's is continuing to move forward with
its focus on renovating restaurants.

03-29-2003, 08:52 PM
Probono Confirmed User Join Date: Oct 2002 Location: Under the Rainbow Posts: 2,731	OMG the Boycotts worked the US economy is doomed! Business News Saturday, March 29, 2003 McDonald's Reportedly to Cut Jobs NEW YORK (Reuters) - McDonald's Corp. (MCD.N) will soon cut several hundred administrative jobs and is delaying plans to renovate old restaurants, the Chicago Tribune reported on Wednesday, citing company insiders. The company, the world's largest fast-food chain in terms of sales, has been struggling to overcome a year of declining sales and a "burger war" with competitors that has cut into revenue. McDonald's reported its first quarterly loss in January. The company plans to delay a $300 million renovation plan to save cash, the newspaper said. The report said the program had received lukewarm responses from franchisees. "We strongly caution anyone from jumping to conclusions based on rumors and speculation," McDonald's spokesman Bill Whitman said. "Absolutely no decisions have been made." He added that McDonald's is continuing to move forward with its focus on renovating restaurants.