McDonald’s (MCD)
-
- March 16
- for company-owned stores: close seating areas, focus on delivery, drive-thru and walk-in take-out
- for franchisees: strongly encouraged to adopt similar operations procedures; the guidance is supported by franchisee leadership and is expected to be adopted by the majority of franchisees
- most crew members with scheduled shifts will be redeployed to support serving customers in the Drive-Thru, carry-out and McDelivery
- March 20
- working with franchisees around the world in order to promote financial liquidity (e.g. rent deferrals) during this period of uncertainty
- providing two weeks of paid leave for employees of company-owned restaurants who are impacted by the virus (announced on March 10)
- franchisees and partners around the world are are supporting first responders, hospital and healthcare workers with free food and/or drinks in recognition and support of the work they are doing to help others.
- In the U.S., some franchisees are providing free lunches to children dependent on free school lunch programs where school is closed, others are providing free meals to healthcare workers and a franchisee in the Midwest is offering up their parking lots for Blood Drives
- Across Europe, many markets are providing free drinks, coffee and meals to first responders and healthcare workers on the front lines
- In Guatemala, the restaurants are providing food to workers who are constructing temporary hospitals to support treatment of those diagnosed with COVID-19.
- In the Philippines, we will be providing food to medical health workers, NGO volunteers and parts of the population that are experiencing challenges accessing food
- March 20, CEO Interview with CNBC
- has suspended its buyback program several weeks ago
- plan is to maintain its quarterly cash dividend of $1.25
- In China, the epicenter of the virus, McDonald’s has reopened 95% of its restaurants
- only 50 out of 14,000 McDonald’s U.S. locations have closed due to the pandemic
- franchisees are working with lenders to restructure loans, and suppliers are extending payment terms
- March 25
- from 3/24 – 4/6, McDelivery through both Uber Eats and DoorDash is offering $0 Delivery Fee for any orders with a $15 minimum basket size
- March 25 (Restaurant Business Article)
- will temporarily suspend its all-day breakfast menu in the coming weeks as the chain simplifies its operations (still available during the morning)
- Update: March 26, $1 billion borrowing
- entered into a 364-Day Revolving Credit Agreement dated as of March 25, 2020; and borrowed the full $1 billion committed amount available under the Agreement
- Update: March 27, $3.5 billion borrowing
- On March 27, 2020, McDonald’s issued an aggregate principal amount of $3.5 billion of medium-term notes, pursuant to the existing medium-term notes program filed with the SEC and effective on July 27, 2018
- Continuously developing thread of messages
- March 16
Update: MCD 1-month chart as of March 27
