Guest guest Posted December 20, 2002 Report Share Posted December 20, 2002 McDonald's to close 174 outlets as red ink mounts http://www.japantoday.com/e/?content=news & cat=3 & id=243573 Friday, December 20, 2002 at 17:30 JST TOKYO ? McDonald's Holdings Co (Japan) Ltd said Friday it expects to fall into the red in the year ending Dec 31 due to a board decision made the same day to shut down 176 of its restaurants nationwide. McDonald's Holdings said it expects a group net loss of 2.33 billion yen, reversing the company's projection released on Dec. 6 of a 530 million yen profit. " Our board approved on Dec 20 a proposal to close down 176 shops and book an extraordinary loss of 4.93 billion yen from the expenses and costs of the planned closures in order to overhaul our profit structure, " the company said in a statement. McDonald's kept its group pretax profit and sales projections unchanged from the Dec 6 estimates at 1.75 billion yen and 320.67 billion yen, respectively. The company said it has no intention to renounce a plan to pay a per-share dividend of 30 yen for the full 2002 business year. The company went public in July 2001 when it was listed on the Jasdaq over-the-counter market. Like other restaurant chains which offer beef-related items on its menu, McDonald's has taken a pounding from the September 2001 outbreak in Japan of mad cow disease. (Kyodo News) Quote Link to comment Share on other sites More sharing options...
Guest guest Posted December 21, 2002 Report Share Posted December 21, 2002 176 is right. -- Planned closure of outlets heralds McDonald's loss McDonald's Holdings Co. (Japan) Ltd. said Friday it expects to post a group net loss of 2.33 billion yen for the business year through December, falling into the red for the first time in nearly three decades. Company officials explained that the announcement came after the firm booked a one-time charge of 4.93 billion yen over the planned closure of a record 176 unprofitable outlets next year. full story: http://www.japantimes.co.jp/cgi-bin/getarticle.pl5?nb20021221a1.htm cf. campany official site: http://www.mcd-holdings.co.jp/english/news/release-021220.html Revision of Business Forecasts for December 2002 Term Quote Link to comment Share on other sites More sharing options...
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