McDonald’s to Cut Jobs at Headquarters

McDonald’s Corp. said it plans to cut 23% of the work force at its headquarters in Oak Brook, Ill., the first reduction in corporate staff in its 43-year history. The world’s largest fast-food restaurant chain said it will eliminate 525 jobs across the board at its sprawling headquarters over the next 18 months, a larger reduction than analysts had expected. McDonald’s expects most of the reduction to be achieved through voluntary severance and retirement, a spokesman said. He described severance packages as “generous,” and said the company would provide career counseling. McDonald’s said it will record a charge against second-quarter earnings to cover the cost. The amount of the charge and the savings expected from the job cuts will be announced in mid-July, when it will know the number of people leaving voluntarily, the company said. After the news, McDonald’s stock closed up $1.31 at $65.44 on the New York Stock Exchange.