McDonalds is reporting a 22% loss in sales as the Covid-19 crisis has forced the company to close its lobby, a driving force in their sales. McDonalds is one of the few fast food restaurants that is actually seeing business decline.
“Beginning in mid-March, we experienced a significant decline in our results that varies across markets,” the company’s chief executive, Chris Kempczinski, said in a statement. “The situation remains fluid,” he added “and it is not possible to estimate the full extent of the impact on our business at this time.”
McDonald’s also announced that is was temporarily halting their all day breakfast offerings. The move to stop selling breakfast food was in order to “simplify operations in our kitchens and for our crew,” Bill Garrett, senior vice president of operations for McDonald’s USA, said in a statement.
CEO Kempczinski will also be taking a 50% pay cut while other executives are taking a smaller cut in pay.