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McDonald’s signed a deal to purchase all 225 of the restaurants that comprise its Israel franchise, the American fast-food chain announced, following months of dramatically lower sales due to pro-Palestinian boycott action amid the Israel-Hamas war.
The restaurant outlets in Israel have been owned by local licensee Alonyal Ltd., which is owned by Israeli businessman Omri Padan, for more than 30 years.
“An agreement to sell Alonyal to McDonald’s Corporation has been signed,” the McDonald’s statement said Thursday. “Upon completion of the transaction, McDonald’s Corporation will own Alonyal Limited’s restaurants and operations, and employees will be retained on equivalent terms.” The company did not disclose the purchase amount.
McDonald’s announced its first revenue decline in almost four years in February, attributed to sluggish sales growth in its Middle East division.
Boycotts in support of Palestine have hurt the earnings of McDonald’s and Starbucks in the last quarter of 2023. Now, some banks are also being targeted for boycotts due to their perceived ties with Israel. pic.twitter.com/QhM99FfEiq
— CNBC International (@CNBCi) March 28, 2024
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