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FOX Business’ Lydia Hu reports on workforce worries growing as more office tasks can be performed through artificial intelligence and automation.
McDonald's Corp is temporarily closing its U.S. offices this week as it prepares to inform corporate employees about layoffs undertaken by the fast food giant as part of a broader company restructuring, the Wall Street Journal reported.
McDonald's said in an internal email last week to U.S. employees and some international staff that they should work from home from Monday through Wednesday, so it can deliver staffing decisions virtually, the report said.
Signage outside a McDonald’s Corp. fast food restaurant in Louisville, Kentucky, U.S., on Friday, Oct. 22, 2021. (Luke Sharrett/Bloomberg via Getty Images / Getty Images)
"During the week of April 3, we will communicate key decisions related to roles and staffing levels across the organization," the company said in the message viewed by The Wall Street Journal.
“During the week of April 3, we will communicate key decisions related to roles and staffing levels across the organization,” – – McDonald’s internal email to employees
The burger corporation did not disclose how many employees it is planning to lay off during the company's restructuring.
MCDONALD'S SHARES HIT ALL-TIME HIGH
In January, CEO Chris Kempczinski warned employees that "difficult discussions and decisions" are on the horizon.
Kempczinski made the revelation in a message to global employees announcing the company's updated business strategy, Accelerating the Arches 2.0, which includes a reshuffling and possibly cutting positions as a way for the company to become more efficient and innovative and to trim costs.
Chris Kempczinski, here in 2017 at the McDonald’s corporate restaurant at what was then the Oak Brook, Illinois, headquarters. (Nuccio DiNuzzo/Chicago Tribune/Tribune News Service via Getty Images / Getty Images)
McDonald’s Crispy Chicken Sandwiches and fries are pictured in New York, U.S. March 30, 2021. Picture taken March 30, 2021. (Reuters/Hilary Russ / Reuters Photos)
"[W]e will evaluate roles and staffing levels in parts of the organization and there will be difficult discussions and decisions ahead," the CEO wrote, adding that the company plans to inform impacted workers by April 3.
MCDONALD'S UNVEILS FIRST AUTOMATED LOCATIONS, SOCIAL MEDIA WORRIED IT WILL CUT 'MILLIONS' OF JOBS
"Some jobs that are existing today are either going to get moved or those jobs may go away," Kempczinski told the Wall Street Journal in a January.
He told the outlet that he does not currently have a set dollar amount he aims to save or a number for how many positions might be cut.
The logo of the fast food company McDonald’s is seen on top of a restaurant entrance with people sitting in an outside terrace. (Davide Bonaldo/SOPA Images/LightRocket via Getty Images / Getty Images)
As part of its updated plans, McDonald's will also accelerate the pace of its restaurant openings, and said it may test more new concepts aimed at convenience for customers like the Order Ahead Lane offered at a recently-opened Forth Worth, Texas, location.
PEPSI UNVEILS NEW LOOK FIRST REFRESH IN 14 YEARS
On Thursday, March 30, McDonald's shares closed on a record high.
David Zanoni, financial author and Seeking Alpha contributor said the fast-food chain’s $277.79 closing price on Thursday was a result of analyst upgrades of earnings per share over the last three months from $10.49 to $10.58 in 2023 and from $11.44 to $11.70 in 2024.
This photo shows the sign outside a McDonald’s restaurant. (AP Photo/Gene J. Puskar, File / AP Newsroom)
The fast-food chain had just over 40,000 restaurants globally at the end of 2021, according to its most recent annual report, with more than 13,000 U.S. locations.
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McDonald's did not immediately respond to Fox News Digital's request for a comment.
Fox Business' Breck Dumas contributed to this report.
A $32 million class action settlement has been approved by the U.S. District Court in San Jose following allegations of market manipulation by leading telescope manufacturers. The settlement affects customers who purchased telescopes in the U.S. between 2005 and 2023, covering brands like Celestron, Meade, Olivon, and Sky-Watcher. Claims can be filed until May 20, 2025, by eligible buyers, as per reports detailing the outcome of the legal proceedings.
According to the Class Action Complaint
Documents from the Telescopes Antitrust Litigation highlight accusations against Synta Technologies and Ningbo Sunny, companies controlled by Chinese family-owned entities. As per space.com, allegations include conspiring to monopolise the U.S. amateur telescope market, fix prices, and eliminate competition. The complaint notes that former competitors struggled to survive, with some shutting down due to an inability to achieve sustainable sales and margins.
Impact on the Telescope Market
The lawsuit was initiated in 2016 by Orion Technologies, a California-based telescope maker, which accused the firms of violating U.S. antitrust laws. Despite winning the case in 2019 and receiving a $50.4 million settlement from Ningbo Sunny, Orion ceased operations in 2024. Meade, acquired by Orion in 2021, also failed to survive, while Olivon’s website has gone offline.
Federal Oversight and Market Division
Reports indicate that Synta Technologies acquired Celestron in 2005 and aided Ningbo Sunny in acquiring Meade in 2013, circumventing Federal Trade Commission restrictions. It is stated that the firms agreed to divide the market, with Synta focusing on high-end products through Celestron, while Ningbo Sunny targeted budget-friendly options via Meade. This alleged collusion reportedly led to inflated prices, costing U.S. consumers hundreds of millions of dollars over two decades.
Next Steps for Consumers
While the settlement does not determine legal violations, earlier judgments against the firms under the Sherman and Clayton Acts were documented. A final approval hearing for the class action settlement is scheduled for April 2025, after which affected customers can access compensation.
Donald Trump has left St John’s Episcopal Church in Washington DC after attending a prayer service ahead of his inauguration as the 47th president of the United States.
The 78-year-old’s arrival at the historic church, located across from the White House, was his first public appearance on Monday as he prepared to return to the White House.
He is set for a momentous day as millions of people around the world watch on.
Mr Trump arrived at the prayer service, a tradition for president-elects on inauguration day, with his wife Melania at around 8.45am local time (1.45pm UK time).
They sat in the front row with their son Barron, 18, to their left, and incoming vice president JD Vance and his wife Usha to their right.
Former British prime minister Boris Johnson, Facebook chief executive Mark Zuckerberg and Amazon boss Jeff Bezos were also spotted sitting in the same row as each other in the church.
The service lasted around 30 minutes.
Afterwards, Mr Trump returned to Blair House, often referred to as the “President’s Guest House”, where he stayed on Saturday and Sunday.
The Republican is hours away from being sworn in as president for a second time after he defeated Democratic candidate and vice president Kamala Harris in the US presidential election in November.
Before the ceremony inside the Capitol Rotunda, he will meet with outgoing president Joe Biden and his wife Jill for tea at the White House at around 9.45am local time (2.45pm UK time).
Mr Trump will be joined by incoming first lady Melania for the tea, which is traditionally held on inauguration day to welcome the new president.
The meeting offers a stark contrast to four years ago, when Mr Trump refused to acknowledge Mr Biden’s election victory or attend his inauguration.
This time around, the incoming and outgoing presidents will travel in the same car as they join a motorcade to depart for the Capitol at around 10.25am local time (3.25pm UK time).
Mr Trump, who will become only the second president to serve two non-consecutive terms, is expected to arrive at the Capitol around five minutes later.
Mr Vance is expected to be sworn in at 11.25am local time (4.25pm UK time).
The 40-year-old will take the oath read by Supreme Court Justice Brett Kavanaugh on a bible given to him by his great-grandmother.
Mr Trump is expected to take the oath at around 11.40am local time (4.40pm UK time).
He will use both a family Bible and the one used by President Abraham Lincoln at his 1861 inauguration as chief justice John Roberts administers his oath.
Mr Trump will then deliver his inaugural address, which is expected to last just over 30 minutes and will likely be watched by millions of people across the world.
The ceremony will take place inside the Capitol Rotunda after it was moved indoors because of what is forecast to be the coldest inauguration day in 40 years.
It is not clear how the ceremony will be adapted to the setting, but only a fraction of the originally expected crowd will be allowed in.
Former presidents Barack Obama, Bill Clinton and George W. Bush will be in attendance, in keeping with former incumbents of the White House attending inauguration day.
Neither gave an explanation as to why they were skipping the ceremony.
A cadre of billionaires and tech titans who have sought to curry favour with Mr Trump and have donated handsomely to his inaugural festivities, including Elon Musk, Mark Zuckerberg and Jeff Bezos, will also be in attendance.
Following Mr Trump’s inaugural address, there will be a ceremonial farewell to Mr Biden and Ms Harris at 12.40pm local time (5.40pm UK time).
Mr Trump and Mr Vance will head to the President’s Room just off the Senate Chamber in the US Capitol for a signing ceremony watched by members of Congress at around 12.50pm local time (5.50pm UK time).
Please use Chrome browser for a more accessible video player
1:10
Trump shows off his dance moves
An hour later the new president and vice president will attend a luncheon at Statuary Hall in the US Capitol hosted by the Joint Congressional Committee on Inaugural Ceremonies.
Mr Obama, Mr Clinton and Mr Bush will not attend the luncheon despite receiving invites, Sky News’ US partner network NBC News has reported.
At around 3.50pm local time (8.50pm UK time), Mr Trump and the new first lady will travel to the Capitol One Arena for the parade celebrations to start.
The original plan for a traditional parade down Pennsylvania Avenue has been turned into an indoor event because of the cold.
Mr Trump will speak to his gathered supporters at the arena, where many of the people who had planned to watch the swearing-in ceremony outside will have watched a live broadcast of the inauguration instead.
The event is expected to feature remarks from Mr Trump and marching bands.
The new president will then head to the White House for an Oval Office signing ceremony at 5pm local time (10pm UK time).
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During Mr Trump’s speech on Sunday, he promised to sign close to 100 executive orders on his first day in office, including repealing “every radical and foolish executive order of the Biden administration”.
Country music band Rascal Flatts and country singer Parker McCollum will perform at the Commander in Chief Inaugural Ball, which is geared toward military service members.
Please use Chrome browser for a more accessible video player
1:10
Trump shows off his dance moves
Meanwhile, the US rapper Nelly and disco band The Village People are scheduled to appear at the Liberty Inaugural Ball which is geared towards Mr Trump’s supporters.
Singer-songwriter Gavin DeGraw will perform at the Starlight Ball, at which guests are expected to be big donors of the incoming president.
Mr Trump’s return to the White House marks a stunning comeback after he overcame criminal indictments and two assassination attempts to regain the presidency.
It also comes after he lost the 2020 election, before denying his defeat and attempting to cling on to power.
He directed his supporters to march on the Capitol while legislators were certifying the election results, sparking a riot that interrupted the country’s traditional peaceful transfer of power.
Donald Trump has left St John’s Episcopal Church in Washington DC after attending a prayer service ahead of his inauguration as the 47th president of the United States.
The 78-year-old’s arrival at the historic church, located across from the White House, was his first public appearance on Monday as he prepared to return to the White House.
He is set for a momentous day as millions of people around the world watch on.
Mr Trump arrived at the prayer service, a tradition for president-elects on inauguration day, with his wife Melania at around 8.45am local time (1.45pm UK time).
They sat in the front row with their son Barron, 18, to their left, and incoming vice president JD Vance and his wife Usha to their right.
Former British prime minister Boris Johnson, Facebook chief executive Mark Zuckerberg and Amazon boss Jeff Bezos were also spotted sitting in the same row as each other in the church.
The service lasted around 30 minutes.
Afterwards, Mr Trump returned to Blair House, often referred to as the “President’s Guest House”, where he stayed on Saturday and Sunday.
The Republican is hours away from being sworn in as president for a second time after he defeated Democratic candidate and vice president Kamala Harris in the US presidential election in November.
Before the ceremony inside the Capitol Rotunda, he will meet with outgoing president Joe Biden and his wife Jill for tea at the White House at around 9.45am local time (2.45pm UK time).
Mr Trump will be joined by incoming first lady Melania for the tea, which is traditionally held on inauguration day to welcome the new president.
The meeting offers a stark contrast to four years ago, when Mr Trump refused to acknowledge Mr Biden’s election victory or attend his inauguration.
This time around, the incoming and outgoing presidents will travel in the same car as they join a motorcade to depart for the Capitol at around 10.25am local time (3.25pm UK time).
Mr Trump, who will become only the second president to serve two non-consecutive terms, is expected to arrive at the Capitol around five minutes later.
Mr Vance is expected to be sworn in at 11.25am local time (4.25pm UK time).
The 40-year-old will take the oath read by Supreme Court Justice Brett Kavanaugh on a bible given to him by his great-grandmother.
Mr Trump is expected to take the oath at around 11.40am local time (4.40pm UK time).
He will use both a family Bible and the one used by President Abraham Lincoln at his 1861 inauguration as chief justice John Roberts administers his oath.
Mr Trump will then deliver his inaugural address, which is expected to last just over 30 minutes and will likely be watched by millions of people across the world.
The ceremony will take place inside the Capitol Rotunda after it was moved indoors because of what is forecast to be the coldest inauguration day in 40 years.
It is not clear how the ceremony will be adapted to the setting, but only a fraction of the originally expected crowd will be allowed in.
Former presidents Barack Obama, Bill Clinton and George W. Bush will be in attendance, in keeping with former incumbents of the White House attending inauguration day.
Neither gave an explanation as to why they were skipping the ceremony.
A cadre of billionaires and tech titans who have sought to curry favour with Mr Trump and have donated handsomely to his inaugural festivities, including Elon Musk, Mark Zuckerberg and Jeff Bezos, will also be in attendance.
Following Mr Trump’s inaugural address, there will be a ceremonial farewell to Mr Biden and Ms Harris at 12.40pm local time (5.40pm UK time).
Mr Trump and Mr Vance will head to the President’s Room just off the Senate Chamber in the US Capitol for a signing ceremony watched by members of Congress at around 12.50pm local time (5.50pm UK time).
Please use Chrome browser for a more accessible video player
1:10
Trump shows off his dance moves
An hour later the new president and vice president will attend a luncheon at Statuary Hall in the US Capitol hosted by the Joint Congressional Committee on Inaugural Ceremonies.
Mr Obama, Mr Clinton and Mr Bush will not attend the luncheon despite receiving invites, Sky News’ US partner network NBC News has reported.
At around 3.50pm local time (8.50pm UK time), Mr Trump and the new first lady will travel to the Capitol One Arena for the parade celebrations to start.
The original plan for a traditional parade down Pennsylvania Avenue has been turned into an indoor event because of the cold.
Mr Trump will speak to his gathered supporters at the arena, where many of the people who had planned to watch the swearing-in ceremony outside will have watched a live broadcast of the inauguration instead.
The event is expected to feature remarks from Mr Trump and marching bands.
The new president will then head to the White House for an Oval Office signing ceremony at 5pm local time (10pm UK time).
Spreaker
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To show you this content, we need your permission to use cookies.
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You can change your settings at any time via the Privacy Options.
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During Mr Trump’s speech on Sunday, he promised to sign close to 100 executive orders on his first day in office, including repealing “every radical and foolish executive order of the Biden administration”.
Country music band Rascal Flatts and country singer Parker McCollum will perform at the Commander in Chief Inaugural Ball, which is geared toward military service members.
Please use Chrome browser for a more accessible video player
1:10
Trump shows off his dance moves
Meanwhile, the US rapper Nelly and disco band The Village People are scheduled to appear at the Liberty Inaugural Ball which is geared towards Mr Trump’s supporters.
Singer-songwriter Gavin DeGraw will perform at the Starlight Ball, at which guests are expected to be big donors of the incoming president.
Mr Trump’s return to the White House marks a stunning comeback after he overcame criminal indictments and two assassination attempts to regain the presidency.
It also comes after he lost the 2020 election, before denying his defeat and attempting to cling on to power.
He directed his supporters to march on the Capitol while legislators were certifying the election results, sparking a riot that interrupted the country’s traditional peaceful transfer of power.