McDonald’s Turkey going up for sale
Turkey’s Anadolu Group, which holds the franchise right of McDonald's in Turkey, has begun talks to put operations for the U.S. fast food giant up for sale, pro-government Yeni Akit newspaper reported on Wednesday.
In a statement given to the country's Public Disclosure Platform (KAP), Anadolu Group said that it had decided to ‘’search for strategic alternatives’’ and ‘’grant an investment bank or intermediary institution authority to hold meetings with third parties,’’ the newspaper said.
McDonald's has over 250 restaurants with 6000 employees in Turkey. The burger chain serves 60 million people annually.
The news arrives as Turkey struggles with high inflation and interest rates alongside a sliding currency, which has left the country’s food providers to face the fallout of catapulting food prices.
Anadolu Group is one of Turkey’s largest conglomerates, operating in the food, retail, automotive, banking and energy sectors in 19 countries with approximately 80.000 employees.
Migros, one of the country’s leading supermarkets whose franchise right is also held by Anadolu Group, is on record for suffering 836.6 million lira ($135.1million) in losses in 2018.
Migros was among 23 businesses targeted by the Turkish Competition Authority in an investigation in March to determine whether grocery stores were complying with competition law after food prices jumped more than 30 percent annually in January.