McDonald’s Franchisees OK New Plan
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OAK BROOK, Ill. (AP) _ McDonald’s Corp. said Friday its U.S. franchisees have overwhelmingly approved its new business plan calling for lower-priced menu items and an overhaul of older restaurants.
The fast-food chain hopes to jump-start stalled U.S. sales and a declining stock price with a plan that initially calls for selling two sandwiches _ the Big ‘N’ Tasty and McChicken _ for $1 each next month, followed by an eight-item ``dollar menu″ in November.
McDonald’s says the program also will involve customer service initiatives, particularly during the lunchtime rush, and investments in its restaurant facilities ranging from new signs to improved drive-thrus to complete remodelings.
Its top executives are scheduled to discuss the changes in more detail during a conference call with analysts on Tuesday.
Rival Burger King also rolled out a new value menu on Thursday featuring 11 items for 99 cents each _ borrowing in part from the other big fast-food competitor, Wendy’s.
McDonald’s shares rose 22 cents to $20.53 Friday afternoon on the New York Stock Exchange, a day after falling to a seven-year low.