McDonald’s Corp.’s share price down, resumes full menu in some Chinese cities as soon as this week

McDonalds Corp., which is currently the biggest restaurant chain by sales in the world, made an official statement today, revealing that it intends to resume the sale of beef and chicken burgers in some Chinese cities. The company suspended the sale of some of its products two weeks ago, after one of its main suppliers came under investigation for using expired meat.

According to the statement of the U.S. company, it is to provide its full menu to Chinese customers, but did not specify when it plans this to happen. The company also did not reveal the number of cities where it is to resume its full menu. Still, a spokeswoman of the company explained that the resumption process is taking longer than the company has initially expected.

McDonalds Corp.s spokeswoman said in a statement, which was cited by Reuters: “We will go back to the origin of the food, where the food comes from, so it will take a longer time and is not as easy as people may think. We are doing a very stringent inspection to make sure the food meets the governments requirement and McDonalds standards.”

The full menu is expected to be resumed within this week in Beijing and Guangzhou. The companys spokeswoman shared that the menus in Shanghai are considered to be brought back to normal until the end of August.

The company ceased selling some of its products, including beef, pork and chicken items from its restaurants located in China after on July 20th, one of its suppliers was accused of providing expired meat. An investigation against the supplier called OSI Group LLC was started, which once again renewed the regulatory concerns when it comes to food safety on the territory of the country.

Now, the company revealed in its statement that it was importing fresh onions and lettuce directly from the United States and Taiwan.

McDonalds Corp. was 0.27% down to close at 94.30 dollars per share yesterday, marking a one-year change of -4.94%. According to the information published on CNN Money, the 19 analysts offering 12-month price forecasts for McDonalds Corp have a median target of 103.00, with a high estimate of 115.00 and a low estimate of 94.00. The median estimate represents a +9.23% increase from the last price of 94.30.