The fast-food giant is cutting back new openings from 2,000 outlets a year to 600. It also wants to cut overall capital expenditure by $100m to $1.9bn.
The company wants to use money saved to expand non-burger businesses such as Pret A Manger and spend $300m refurbishing existing restaurants.
Wendy’s, in the US, has been grabbing market share from McDonald’s. The Independent on Sunday says Wendy’s grew like-for-like earnings by 16% in the last quarter, proving McDonald’s problems were not just an affect of the wider downturn.
The Business says that Burger King is set for a revival under its new owners.
The Business 27/10/02 page 37
The Independent on Sunday 27/10/02 page 4 (Business)