| Mcdonalds closes 175 { November 8 2002 } Original Source Link: (May no longer be active) http://www.reuters.com/news_article.jhtml?type=businessnews&StoryID=1702948http://www.reuters.com/news_article.jhtml?type=businessnews&StoryID=1702948
McDonald's to Close 175 Restaurants November 08, 2002 09:01 AM ET OAK BROOK, Ill. (Reuters) - Fast-food giant McDonald's Corp. MCD.N , said on Friday that it would close about 175 restaurants worldwide and will miss its 2002 earnings estimate as it continues to struggle with underperforming sales in the U.S. amid stiff competition in the fast-food business.
The company said it will cut 400 to 600 jobs. The actions will reduce fourth-quarter earnings by $350 million to $425 million, the company said.
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