McDonald'sFrom Wikipedia, the free encyclopedia

McDonald's

Type Public (NYSE: MCD)

Dow Jones Industrial Average Component

Industry Restaurants

Founded May 15, 1940 in San Bernardino, California;

McDonald's Corporation, April 15, 1955 in Des Plaines,

Illinois

Founder(s) Richard and Maurice McDonald McDonald's restaurant

concept;

Ray Kroc, McDonald's Corporation founder.

Headquarters Oak Brook, Illinois, U.S.

Number of

locations

31,000+ worldwide[1]

Area served Worldwide

Key people James A. Skinner

(Chairman & CEO)

Products Fast food

(hamburgers • chicken •french fries  • soft

drinks •coffee • milkshakes • salads •desserts • breakfast)

Revenue  US$ 22.6 billion (FY 2008)[2]

Operating

income

 US$ 6.51 billion (FY 2008)[2]

Net income  US$ 4.31 billion (FY 2008)[2]

Total assets  US$ 29.2 billion (Q2 2009)[2]

Total equity  US$ 13.2 billion (Q2 2009)[2]

Employees 400,000 (2008)[3]

Website McDonalds.com

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McDonald's Corporation (NYSE: MCD) is the world's largest chain of hamburger fast food restaurants,

serving more than 58 million customers daily.[4] In addition to its signature restaurant chain, McDonald’s

Corporation held a minority interest in Pret A Manger  until 2008, was a major investor in the Chipotle Mexican

Grill until 2006,[5] and owned the restaurant chainBoston Market until 2007.[6]

A McDonald's restaurant is operated by either a franchisee, an affiliate, or the corporation itself. The

corporation's revenues come from the rent, royalties and fees paid by the franchisees, as well as sales in

company-operated restaurants. McDonald's revenues grew 27% over the three years ending in 2007 to $22.8

billion, and 9% growth in operating income to $3.9 billion.[7]

McDonald's primarily sells hamburgers, cheeseburgers, chicken products, french fries , breakfastitems, soft

drinks, shakes, and desserts. In response to obesity trends in Western nations and in the face of criticism over

the healthiness of its products, the company has modified its menu to include alternatives considered healthier

such as salads, wraps and fruit.

Contents

 [hide]

1 History

2 Corporate overview

o 2.1 Facts and figures

o 2.2 Types of restaurants

o 2.3 Playgrounds

o 2.4 Redesign

o 2.5 Business model

o 2.6 Shareholder dividends

3 Controversies

o 3.1 Arguments in defense

o 3.2 Environmental record

4 Legal cases

5 Products

6 Headquarters

7 Advertising

o 7.1 Children's advertising

o 7.2 Sports awards and honors

8 Global operations

9 See also

o 9.1 Competitors

10 References

11 Further reading

12 External links

History

McDonald's Logo used from 1968 to 2003. It still exists at some restaurants.

"Speedee", the former mascot of McDonald's before his replacement by Ronald McDonald.

Concept version of Ronald McDonald.

Main article: History of McDonald's

The business began in 1940, with a restaurantopened by brothers Richard and Maurice McDonald inSan

Bernardino, California. Their introduction of the "Speedee Service System" in 1948 established the principles of

the modern fast-food restaurant. The original mascot of McDonald's was a man with a chef's hat on top of a

hamburger shaped head whose name was "Speedee." Speedee was eventually replaced with Ronald

McDonald by 1967 when the company first filed a U.S. trademark on a clown shaped man having puffed out

costume legs.

McDonald's first filed for a U.S. trademark on the name McDonald's on May 4, 1961, with the description

"Drive-In Restaurant Services," which continues to be renewed through the end of December 2009. In the

same year, on September 13, 1961, the company filed a logo trademark on an overlapping, double arched "M"

symbol. The overlapping double arched "M" symbol logo was temporarily disfavored by September 6, 1962,

when a trademark was filed for a single arch, shaped over many of the early McDonald's restaurants in the

early years. The modern double arched "M" symbol that continues to be in use today at McDonald's

restaurants did not appear until November 18, 1968, when the company filed a U.S. trademark on the now

famous symbol that continues to be in use through the end of the year 2009.

The first McDonald's restaurants opened in the United States, Canada, Costa Rica, Panama, Japan, the

Netherlands, Germany, Australia, France, El Salvador and Sweden, in order of openings.

The present corporation dates its founding to the opening of a franchised restaurant by Ray Kroc, in Des

Plaines, Illinois, on April 15, 1955,[8] the ninth McDonald's restaurant overall. Kroc later purchased the

McDonald brothers' equity in the company and led its worldwide expansion, and the company became listed on

the public stock markets in 1965.[9] Kroc was also noted for aggressive business practices, compelling the

McDonald brothers to leave the fast food industry. The McDonald brothers and Kroc feuded over control of the

business, as documented in both Kroc's autobiography and in the McDonald brothers' autobiography. The site

of the McDonald brothers' original restaurant is now a monument.[10]

With the expansion of McDonald's into many international markets, the company has become a symbol

of globalization and the spread of theAmerican way of life. Its prominence has also made it a frequent topic of

public debates about obesity, corporate ethics and consumer responsibility .

Corporate overview

Facts and figures

McDonald's boasts its service to "99 billion customers".

McDonald's restaurants are found in 119 countries[11] and territories around the world and serve 58 million

customers each day.[4] McDonald's operates over 31,000 restaurants worldwide, employing more than 1.5

million people.[11] The company also operates other restaurant brands, such asPiles Café.

Focusing on its core brand, McDonald's began divesting itself of other chains it had acquired during the 1990s.

The company owned a majority stake in Chipotle Mexican Grill until October 2006, when McDonald's fully

divested from Chipotle through a stock exchange.[12][13] Until December 2003, it also owned Donatos Pizza . On

August 27, 2007, McDonald's sold Boston Market to Sun Capital Partners.[14]

Types of restaurants

Most standalone McDonald's restaurants offer both counter service and drive-through service, with indoor and

sometimes outdoor seating. Drive-Thru, Auto-Mac, Pay and Drive, or "McDrive" as it is known in many

countries, often has separate stations for placing, paying for, and picking up orders, though the latter two steps

are frequently combined; it was first introduced in Arizona in 1975, following the lead of other fast-food chains.

The first such restaurant in Britain opened at theMerry Hill Shopping Centre in the West Midlands in November

1986.[15]

In some countries, "McDrive" locations near highways offer no counter service or seating. In contrast, locations

in high-density city neighborhoods often omit drive-through service. There are also a few locations, located

mostly in downtown districts, that offer Walk-Thru service in place of Drive-Thru.

Specially themed restaurants also exist, such as the "Solid Gold McDonald's," a 1950s rock-and-roll–themed

restaurant.[16] In Victoria,British Columbia , there is also a McDonald's with a 24-carat (100%)

gold chandelier and similar light fixtures.

To accommodate the current trend for high quality coffee and the popularity of coffee shops in general,

McDonald's introduced McCafé, acafé-style accompaniment to McDonald's restaurants in the style

of Starbucks. McCafé is a concept created by McDonald's Australia, starting with Melbourne in 1993. Today,

most McDonald's in Australia have McCafés located within the existing McDonald's restaurant. InTasmania,

there are McCafés in every store, with the rest of the states quickly following suit. After upgrading to the new

McCafé look and feel, some Australian stores have noticed up to a 60% increase in sales. As of the end of

2003 there were over 600 McCafés worldwide.

Some locations are connected to gas stations/convenience stores,[17] while others called McExpress have

limited seating and/or menu or may be located in a shopping mall. Other McDonald's are located in Wal-

Mart stores. McStop is a location targeted at truckers and travelers which may have services found at truck

stops.[18]

Playgrounds

McDonald's in Panorama City, California designed for family-friendly image

Some McDonald's in suburban areas and certain cities feature large indoor or outdoor playgrounds. The first

PlayPlace with the familiar crawl-tube design with ball pits and slides was introduced in 1987 in the USA, with

many more being constructed soon after. Some PlayPlace playgrounds have been renovated into "R Gym"

areas.

Redesign

The Mc Donnald's restaurant in Dudley Town,near Birmingham, during 2002. It is in the old red, gold and grey livery.

McDonald's in Darlington, UK. This is an example of the new look of McDonald's in Europe.

In 2006, McDonald's introduced its "Forever Young" brand by redesigning all of their restaurants, the first major

redesign since the 1970s.[19][20]

The design includes the traditional McDonald's yellow and red colors, but the red is muted to terra cotta, the

yellow was turned golden for a more "sunny" look, and olive and sage green were also added. To warm up

their look, the restaurants have less plastic and more brick and wood, with modern hanging lights to produce a

softer glow. Contemporary art or framed photographs hang on the walls.

Business model

McDonald's Corporation earns revenue as an investor in properties, a franchiser of restaurants, and an

operator of restaurants. Approximately 15% of McDonald's restaurants are owned and operated by McDonald's

Corporation directly. The remainder are operated by others through a variety of franchise agreements and joint

ventures. The McDonald's Corporation's business model is slightly different from that of most other fast-food

chains. In addition to ordinary franchise fees and marketing fees, which are calculated as a percentage of

sales, McDonald's may also collect rent, which may also be calculated on the basis of sales. As a condition of

many franchise agreements, which vary by contract, age, country, and location, the Corporation may own or

lease the properties on which McDonald's franchises are located. In most, if not all cases, the franchisee does

not own the location of its restaurants.

The UK business model is different, in that fewer than 30% of restaurants are franchised, with the majority

under the ownership of the company. McDonald's trains its franchisees and others atHamburger

University in Oak Brook, Illinois.

In other countries, McDonald's restaurants are operated by joint ventures of McDonald's Corporation and other,

local entities or governments.

As a matter of policy, McDonald's does not make direct sales of food or materials to franchisees, instead

organizing the supply of food and materials to restaurants through approved third party logistics operators.

According to Fast Food Nation by Eric Schlosser (2001), nearly one in eight workers in the U.S. have at some

time been employed by McDonald's. (According to a news piece on Fox News this figure is one in ten.) The

book also states that McDonald's is the largest private operator of playgrounds in the U.S., as well as the single

largest purchaser of beef, pork, potatoes, and apples. The selection of meats McDonald's uses varies with the

culture of the host country.

Shareholder dividends

McDonald's has increased shareholder dividends for 25 consecutive years,[21] making it one of the S&P 500

Dividend Aristocrats.[22][23]

Controversies

As a prominent example of the rapid globalization of the American fast food industry, McDonald's is often the

target of criticism for its menu, its expansion, and its business practices.

The McLibel Trial, also known as McDonald's Restaurants v Morris & Steel, is an example of this criticism. In

1990, activists from a small group known as London Greenpeace (no connection to the international

group Greenpeace) distributed leaflets entitled What's wrong with McDonald's?, criticizing its environmental,

health, and labor record. The corporation wrote to the group demanding they desist and apologize, and, when

two of the activists refused to back down, sued them for libel in one of the longest cases in British civil law. A

documentary film of the McLibel Trial has been shown in several countries.

Despite the objections of McDonald's the term "McJob" was added to Merriam-Webster's Collegiate

Dictionary in 2003.[24] Defined as "a low-paying job that requires little skill and provides little opportunity for

advancement".[25] In an open letter to Merriam-Webster, Jim Cantalupo, former CEO of McDonald's, denounced

the definition as a "slap in the face" to all restaurant employees, and stated that "a more appropriate definition

of a 'McJob' might be 'teaches responsibility.'" Merriam-Webster responded that "we stand by the accuracy and

appropriateness of our definition."[26]

In 1999, French anti-globalisation activist José Bové vandalized a half-built McDonald's to protest against the

introduction of fast food in the region.[27]

In 2001, Eric Schlosser's book Fast Food Nation included criticism of the business practices of McDonald's.

Among the critiques were allegations that McDonald's (along with other companies within the fast food

industry) uses its political influence to increase its profits at the expense of people's health and the social

conditions of its workers. The book also brought into question McDonald's advertisement techniques in which it

targets children. While the book did mention other fast-food chains, it focused primarily on McDonald's.

McDonald's is the world's largest distributor of toys, which it includes with kids meals.[28] It has been alleged that

the use of popular toys encourages children to eat more McDonald's food, thereby contributing to many

children's health problems, including a rise in obesity.[29]

In 2002, vegetarian groups, largely Hindu and Buddhist, successfully sued McDonald's for misrepresenting

their French fries as vegetarian, when they contained beef broth.[30]

A midget PETA activist dressed as a chicken argues with a manager of the Times Square McDonald's over the company's

animal welfare standards.

People for the Ethical Treatment of Animals (PETA), meantime, continues to pressure McDonald’s to change

its animal welfare standards, in particular the method their suppliers use of slaughtering chickens.[31] Most

processors in the United States shackle fully conscious birds upside down and run them through an electrically

charged water tub before slitting their throats.[32] PETA argues that using gas to kill the birds (a method called

“controlled atmosphere killing” or CAK) is less cruel.[33] Both CAK and “controlled atmosphere stunning”(CAS)

are commonly used in Europe.[34]

Morgan Spurlock's 2004 documentary film Super Size Me said that McDonald's food was contributing to the

epidemic of obesity in society, and that the company was failing to provide nutritional information about its food

for its customers. Six weeks after the film premiered, McDonald's announced that it was eliminating the super

size option, and was creating the adulthappy meal.

The soya that is fed to McDonald’s chickens is supplied by agricultural giant Cargill and comes directly from

Brazil. Greenpeace alleges that not only is soya destroying the Amazon rain forest inBrazil, but soya farmers

are guilty of further crimes including slavery and the invasion of indigenous peoples’ lands. The allegation is

that McDonald's, as a client of Cargill's, is complicit in these activities.[35]

Arguments in defense

In response to public pressure, McDonald's has sought to include more healthy choices in its menu and has

introduced a new slogan to its recruitment posters: "Not bad for a McJob".[36] (The word McJob, first attested in

the mid-1980s[37] and later popularized by Canadian novelist Douglas Coupland in his book Generation X, has

become a buzz word for low-paid, unskilled work with few prospects or benefits and little security.) McDonald's

disputes the idea. In 2007, the company launched an advertising campaign with the slogan "Would you like a

career with that?" on Irish television, outlining that their jobs have many prospects.

In a bid to tap into growing consumer interest in the provenance of food, the fast-food chain recently switched

its supplier of both coffee beansand milk. UK chief executive Steve Easterbrook said: "British consumers are

increasingly interested in the quality, sourcing and ethics of the food and drink they buy". McDonald's coffee is

now brewed from beans taken from stocks that have been certified by the Rainforest Alliance, a conservation

group. Similarly, milk supplies used for its hot drinks and milkshakes have been switched to organic sources

which could account for 5% of the UK's organic milk output.[38]

McDonald's announced on May 22, 2008 that, in the U.S. and Canada, it would switch to using cooking oil for

its french fries  that contains notrans fats, and canola-based oil with corn and soy oils by year's end for its baked

items, pies and cookies.[39][40]

With regard to acquiring chickens from suppliers who use CAK or CAS methods of slaughter, McDonald's says

they need to see more research "to help determine whether any CAS system in current use is optimal from an

animal welfare perspective."[41]

Environmental record

In April 2008, McDonald's announced that 11 of its Sheffield restaurants have been using a biomass trial that

had cut its waste and carbon footprint by half in the area. In this trial, waste from the restaurants were collected

by Veolia Environmental Services and used to produce energy at a power plant. McDonald's plans to expand

this project, although the lack of biomass power plants in the U.S. will prevent this plan from becoming a

national standard anytime soon.[42] In addition, in Europe, McDonald's has been recycling vegetable grease by

converting it to fuel for their diesel trucks.[43]

Furthermore, McDonald's has been using a corn-based bioplastic to produce containers for some of their

products. Although industries who use this product claim a carbon savings of 30% to 80%, a Guardian study

shows otherwise. The results show that this type of plastic does not break down in landfills as efficiently as

other conventional plastics. The extra energy it takes to recycle this plastic results in a higher output of

greenhouse gases. Also, the plastics can contaminate waste streams, causing other recycled plastics to

become unsaleable.[44]

The U.S. Environmental Protection Agency has recognized McDonald's continuous effort to reduce solid waste

by designing more efficient packaging and by promoting the use of recycled-content materials.[45] McDonald's

reports that they are committed towards environmental leadership by effectively managing electric energy, by

conserving natural resources through recycling and reusing materials, and by addressing water management

issues within the restaurant.[46]

In an effort to reduce energy usage by 25% in its restaurants, McDonald's opened a prototype restaurant in

Chicago in 2009 with the intention of using the model in its other restaurants throughout the world. Building on

past efforts, specifically a restaurant it opened in Sweden in 2000 that was the first to intentionally incorporate

green ideas, McDonald's designed the Chicago site to save energy by incorporating old and new ideas such as

managing storm water, using skylights for more natural lighting and installing some partitions and tabletops

made from recycled goods.[47]

When McDonald’s received criticism for its environmental policies in the 1970s, it began to make substantial

progress towards source reductions efforts.[48] For instance, an “average meal” in the 1970s—a Big Mac, fries,

and a drink—required 46 grams of packaging; today, it requires only 25 grams, allowing a 46% reduction.[49] In

addition, McDonald’s eliminated the need for intermediate containers for cola by having a delivery system that

pumps syrup directly from the delivery truck into storage containers, saving two million pounds of packaging

annually.[50] Overall, weight reductions in packaging and products, as well as the increased usage of bulk

packaging ultimately decreased packaging by 24 million pounds annually.[51]

Legal cases

Main article: McDonald's legal cases

McDonald's has been involved in a number of lawsuits and other legal cases, most of which

involved trademark disputes. The company has threatened many food businesses with legal action unless they

drop the Mc or Mac from their trading name. In one noteworthy case, McDonald's sued a Scottish café owner

called McDonald, even though the business in question dated back over a century (Sheriff Court Glasgow and

Strathkelvin, November 21, 1952). On September 8, 2009, McDonald's Malaysian operations lost a lawsuit to

prevent another restaurant calling itself McCurry. McDonald's lost in an appeal to Malaysia's highest court, the

Federal Court.[52]

It has also filed numerous defamation suits. For example, in the McLibel case , McDonald's sued two activists

for distributing pamphlets attacking its environmental, labor and health records. After the longest trial in UK

legal history, McDonald's won a technical victory for showing that some allegations were untrue. The McLibel

Case was also a massive public relations disaster for McDonald's, as the judge also found that while more than

half of what was on the pamphlet was truthful, much of the information simply the opinions of the activists and

therefore non-prosecutable.

McDonald's has defended itself in several cases involving workers' rights. In 2001 the company was fined

£12,400 by British magistrates for illegally employing and over-working child labor in one of its London

restaurants. This is thought to be one of the largest fines imposed on a company for breaking laws relating to

child working conditions (R v 2002 EWCA Crim 1094). In April 2007 in Perth, Western Australia, McDonald's

pleaded guilty to five charges relating to the employment of children under 15 in one of its outlets and was fined

AU$8,000.[53]

Possibly the most infamous legal case involving McDonald's was the 1994 decision in The McDonald's Coffee

Case.

In a McDonald's American Idol figurine promotion, the figurine that represents "New Wave Nigel" wears

something that closely resemblesDevo’s Energy Dome, which was featured on the band's album

cover, Freedom of Choice. In addition to the figurine's image, it also plays a tune that appears to be an altered

version of Devo's song "Doctor Detroit." Devo copyrighted and trademarked the Energy Dome and is taking

legal action against McDonald's.[54]

Products

A McDonald's Big Mac combo meal served with French fries and Coca-Cola.

Main article: McDonald's products

See also: McDonald's products (international)

McDonald's predominantly sells hamburgers, various types of chicken sandwiches and products,French

fries, soft drinks, breakfast items, and desserts. In most markets, McDonald's

offerssalads and vegetarian items, wraps and other localized fare. Portugal is the only country with McDonald's

restaurants serving soup. This local deviation from the standard menu is a characteristic for which the chain is

particularly known, and one which is employed either to abide by regional food taboos (such as the religious

prohibition of beef consumption in India) or to make available foods with which the regional market is more

familiar (such as the sale of McRice inIndonesia).

Headquarters

McDonald's Plaza, the headquarters of McDonald's

The McDonald's headquarters complex, McDonald's Plaza, is located in Oak Brook, Illinois. It sits on the site of

the former headquarters and stabling area of Paul Butler, the founder of Oak Brook.[55] McDonald's moved into

the Oak Brook facility from an office within the Chicago Loop in 1971.[56]

Advertising

Main article: McDonald's advertising

McDonald's has for decades maintained an extensive advertising campaign. In addition to the usual media

(television, radio, and newspaper), the company makes significant use of billboards and signage, sponsors

sporting events ranging from Little League to the Olympic Games, and makes coolers of orange drink with their

logo available for local events of all kinds. Nonetheless, television has always played a central role in the

company's advertising strategy.

To date, McDonald's has used 23 different slogans in United States advertising, as well as a few other slogans

for select countries and regions. At times, it has run into trouble with its campaigns.

Children's advertising

Main articles: Ronald McDonald and McDonaldland

Sports awards and honors

See Category :McDonald's High School All-Americans

Global operations

See also: List of countries with McDonald's franchises

Countries with McDonald's stores

McDonald's has become emblematic of globalization, sometimes referred to

as the "McDonaldization" of society. The Economist newspaper uses the

"Big Mac Index": the comparison of a Big Mac's cost in various

world currencies can be used to informally judge these

currencies' purchasing power parity. Scandinavian countries lead the Big

Mac Index with four of the five most expensive Big Mac's. Norway has the

most expensive Big Mac in the world as of July 2008, whilse the country with

the least expensive Big Mac is Malaysia.[citation needed]

Thomas Friedman once said that no country with a McDonald's had gone to

war with another.[57][Full citation needed] However, the "Golden Arches Theory of

Conflict Prevention" is not strictly true. Exceptions are the 1989 United

States invasion of Panama, NATO's bombing of Serbia in 1999, the 2006

Lebanon War, and the 2008 South Ossetia war.

Some observers have suggested that the company should be given credit for

increasing the standard of service in markets that it enters. A group of

anthropologists in a study entitled Golden Arches East[58] looked at the

impact McDonald's had on East Asia, and Hong Kong in particular. When it

opened in Hong Kong in 1975, McDonald's was the first restaurant to

consistently offer clean restrooms, driving customers to demand the same of

other restaurants and institutions. McDonald's have recently taken to

partnering up with Sinopec, the second largest oil company in the People's

Republic of China, as it begins to take advantage of the country's growing

use of personal vehicles by opening numerous drive-thru restaurants.

[59] McDonald's reached a deal with the French fine arts museum, the Louvre,

to open a McDonald's restaurant and McCafé on its premises,by their

underground entrance, in November 2009.[60]

See also

Chicago portal

Companies portal

Food portal

Book:McDonald's

Books are collections of articles that can be

downloaded or ordered in print.

Fast Food Nation , book by Eric Schlosser

MaDonal , a restaurant knock-off operating in Northern Iraq .

Maxime, McDuff & McDo , documentary film about the unionizing of a

McDonald's in Montreal, Quebec, Canada.

McDonaldization , term used by sociologist George Ritzer to describe the

process by which a society takes on the characteristics of a fast-food

restaurant.

McDonald's Video Game , a satirical game placing the player in the role

of McDonald's management.

Don Gorske , a McDonald's enthusiast, has consumed over 20,000 Big

Mac hamburgers. He appeared on Super Size Me, is listed in the

Guinness Book of World Records, and has a movie called MacDaddy.

Super Size Me , a documentary by Morgan Spurlock.

McHappy Day

Competitors

Burger King  - Second largest burger chain

Subway (restaurant)  - Largest single brand restaurant chain

Yum!  - Largest multi-brand restaurant chain

References

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2008

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BIG CROWDS".

19. ̂  "McDonald's wants a digital-age makeover".

20. ̂  "Mickey D's McMakeover".

21. ̂  Baertlein, Lisa (September 24, 2009). "''McDonald's raises cash

dividend by 10%'' Reuters.com, retrieved 9/28/2009". Reuters.com.

Retrieved 2010-08-27.

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10/1/2009". Seekingalpha.com. 2008-12-23. Retrieved 2010-08-27.

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2003".[dead link]

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2009-11-29.

26. ̂  AFP (November 12, 2003). "McDonald's upset over McJob title".

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27. ̂  "José Bové". BBC. Retrieved 2008-05-29. "In 1999, Bove spent

another three weeks in jail after he led activists in the destruction of -

guess what - a branch of McDonald's. For Bove, the golden arches

represent the industrialization of all food production, the worst of

"malbouffe - bad food". For the anti-global movement, his imprisonment

made him one of its first martyrs."

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SOCIETY PRESIDENT IS PART OF VILLAGE'S CHANGING

HERITAGE." Chicago Tribune. July 29, 1998. Page 88. Retrieved on

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Further reading

Thomas Derdak and Jay P. Pederson, ed (2004).

"McDonald's". International directory of company histories. 67 (3rd ed.).

St. James Press. pp. 108–109. ISBN 9781558625129.

Love, John F. (April 1987). "Big Macs, Fries, and Real Estate". Financial

Executive (4): pgs 20–26.

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