1/6, 9:39 PM (Source: TeleTrader)
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McDonald's plans job cuts amid expansion

McDonald's Corp. is planning to reorganize and expand its restaurants, which will also lead to job cuts. In a note to staff seen by CNBC, CEO Chris Kempczinski told employees that job cuts were planned to help the company innovate faster and work more efficiently.

Kempczinski also mentioned the need to develop. "We must accelerate the pace of our restaurant openings to fully capture the increased demand we've driven over the past few years," he stated.

It is unclear how many jobs are at risk but the CEO said that a more detailed announcement will be available by April 3. McDonald's shares were up by 2.92% at 3:32 pm ET following today's news.

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