McDonald's (MCD) Franchisees Feeling The Pinch of The Credit Crunch
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According to reports from Bloomberg, McDonald's (NYSE: MCD) sent a memo to some U.S. franchisees telling them that Bank of America (NYSE: BAC) declined to increase lending and they will have to seek others ways to finance store improvements.
The news follows Bank of America's recent merger with investment bank Merrill Lynch (NYSE: MER) and last week's dislocation in the credit market.
Richard Adams, a consultant to about 300 of the company's franchisees, told Bloomberg, "This is the first signal that turmoil in the financial markets is reaching McDonald's."
The news follows Bank of America's recent merger with investment bank Merrill Lynch (NYSE: MER) and last week's dislocation in the credit market.
Richard Adams, a consultant to about 300 of the company's franchisees, told Bloomberg, "This is the first signal that turmoil in the financial markets is reaching McDonald's."
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