McDonald's to shutter 220 stores in China and US

McDonald's Corp, the world's largest fast-food chain, is to close 350 stores globally, including 220 in China and the United States.

The company said the move is in reaction to an 8.3 percent slump in first-quarter comparable sales in the Asia Pacific, the Middle East and Africa, which it blamed on the impact of what it called prolonged, broad-based consumer perception issues in Japan, and negative but improving performance in China.

Global comparable sales dropped 2.3 percent, reflecting negative customer traffic in all major segments, resulting in a 28 percent slide in the company's overall consolidated operating income.