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McDonald's plans $80M to $90M hit on restructuring, layoffs

McDonald's Corp. is planning layoffs and restructuring for its U.S. operations during the second quarter and will take $80 million to $90 million in associated charges, Reuters reported June 12.

McDonald's will eliminate a regional structure in favor of field offices, Reuters reported, citing a statement to McDonald's investors.

The fast-food giant did not disclose how many employees would be laid off, according to the report, and the company did not immediately respond to a request for comment from S&P Global Market Intelligence.

The new structure will be complete in third quarter 2018. The charges will pay for severance costs and closing field offices, according to the Reuters report.

McDonald's USA President Christopher Kempczinki said in a memo to employees last week that he would provide more details at a June 12 town hall meeting, The Wall Street Journal reported last week.

A company spokeswoman told the Journal that the restructuring would help McDonald's become "more dynamic, nimble and competitive."

McDonald's is also planning to install self-order kiosks in more than 1,000 stores per quarter for up to the next nine quarters.