McDonald’s cuts pay for some employees

McDonald’s Corp. is cutting the pay for some of its employees as part of its restructuring according to the Wall Street Journal on Friday, as the restructuring will include shutting down some offices and layoffs.

The number of employees that the company will lay off this week will reach hundreds, according to Reuters.

The company offered some employees the opportunity to remain at the company, but with reductions in their compensation packages, WSJ added. These include changes to titles and benefits like equity grants and bonuses.

The Job cuts and changes in the company are affecting employees worldwide, as well as at the company headquarters in Chicago, its filed offices, and across other departments such as marketing and operations.

The company said earlier this year that it was reviewing corporate staffing levels as well as announced plans to cancel some initiatives. The company has over 150,000 employees across all of its offices and restaurants.