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McDonald's Looses Money For The First Time In History

Finance & Business

For the first time in McDonald's history the company announced a quarterly loss for the fourth quarter of 2002. In a statement released December 17, 2002 the company blamed slowing sales and an underperforming discount program for the poor financial performance. McDonalds will take a $435 million charge in the fourth quarter to restructure, closing underperforming restaurants and cutting jobs.

With just under 400,000 employees world wide, McDonald's is the largest restaurant chain in the world.

Posted:  2002-12-19  12:08:03 PM

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