McDonald's to buy Israel franchise from owner Alonyal
Reuters
Published Apr 04, 2024 08:00AM ET
Updated Apr 04, 2024 08:36AM ET
(Reuters) -McDonald's is buying its 30-year-old Israel franchise from Alonyal Ltd, taking back ownership of 225 restaurants in the country that employs more than 5,000 people, the companies said on Thursday.
The U.S. fast-food chain has been subject to boycotts and protests since Alonyal announced shortly after the Oct. 7 attack by Palestinian Islamist group Hamas that it would be donating free meals to Israeli military.
McDonald's (NYSE:MCD) is a global chain but its franchises are often owned locally and operate autonomously.
Its CEO Chris Kempczinski had said in January the company has seen "meaningful impact" in several markets in the Middle East and some outside the region due to the Israel-Hamas conflict.
"McDonald's remains committed to the Israeli market and to ensuring a positive employee and customer experience in the market going forward," Jo Sempels, president of International Developmental Licensed Markets, said on Thursday.
After the completion of the transaction in the coming months, McDonald's will own Alonyal's restaurants and operations while retaining its employees, Omri Padan, CEO and owner of Alonyal, said.
The companies did not disclose the terms of the transaction.
Another major Western fast food chain Starbucks (NASDAQ:SBUX) has also seen boycott campaigns over their perceived pro-Israeli stance and alleged financial ties to Israel.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.