In a move that hasn’t happened in 40 years, fast food giant McDonalds will downsize.
The Washington Post reports that McDonalds announced it is planning to close 184 restaurants across the United States this year, 59 more than it is planning to open.
The last time the company contracted was in 1970. Earlier this year, McDonald’s announced that it will shutter as many as 700 locations around the world, roughly half of which are in the United States, China, and Japan.
The company also said earlier this month that it will be downsizing the head count at its U.S. headquarters in Illinois.
The Washington Post article pointed to a movement to restaurants like Chipotle as one of the leading factors as to why the fast food company is downsizing.
Restaurant’s like Chipotle, and others, have been taking market share away from fast food chains over the last few years.
