McDonald’s Closing Restaurants

McDonald’s (Oak Brook, Ill.) has announced that for the first time in more than 40 years, the company plans to close more restaurants in the U.S. than it opens this year. While the company has not reported the total number of stores it plans to close or their specific locations, it pinpointed in April about 700 underperforming locations around the world to close. The restaurants slated to close will be both franchised and company-owned locations.

According to the Securities and Exchange Commission, the company has not reported an annual reduction in its U.S. restaurants since 1970, when its statistics were first made available.

The move is part of the company’s plans to restructure the company amidst competition from other fast food options and to “set the stage for future growth,” reports Chicago Tribune.