McDonald’s Corp. (NYSE:MCD) has reportedly told corporate employees that its U.S. offices will remain closed early this week so the company can announce layoffs as part of a broad restructuring.
The Wall Street Journal quoted an internal email to employees as saying that staffers should work from home Monday through Wednesday so the fast-food giant can deliver layoff news virtually.
“During the week of April 3, we will communicate key decisions related to roles and staffing levels across the organization,” MCD wrote employees, according to the Journal.
The publication said the memo also instructed U.S. and some international corporate staffers to cancel all in-person meetings at the company’s Chicago headquarters.
Analysts expects McDonald’s to report Q1 earnings later this month. The fast-food chain beat analyst estimates on Q4 earnings and revenues in January, but spooked the market after management warned that higher input costs meant 2023 operating margins could fall below what were then analysts’ consensus estimates.
Seeking Alpha contributor Waterside Insights recently laid out a Sell thesis for the stock.