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4-Traders Homepage  >  Equities  >  Nyse  >  McDonald's Corporation    MCD

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McDonald : SWANSEA Provenzano sells McDonald's franchises

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04/19/2017 | 09:29pm CEST

SWANSEALou Provenzano has sold his 14 McDonald’s franchises, including the first in Swansea, back to the McDonald’s Corporation, which has sold it to other entities.

Provenzano, who opened the Swansea restaurant 41 years ago, said there was no particular reason for selling his franchises other than being able to spend more time with family and other endeavors.

“This was a seven-day-a-week job, sometimes 24/7,” Provenzano said. “I have had good people working with me that share the load, but I was on call all the time. I would be there to help support them.”

Provenzano said he has a variety of plans to spend his time.

“I will be doing some volunteer work. I will volunteer for the Ronald McDonald House and help them in any way I can and with their charities. There are other things I will be doing. I have always believed in giving back to the community.”

Provenzano, along with his wife Mary Lou, have given time, money and product in support of Swansea and other communities during the last 41 years. He had two restaurants in Swansea, the original on G.A.R. Highway and a second one at the corner of G.A.R. Highway and James Reynolds Road. He had restaurants in Massachusetts and Rhode Island and he noted that McDonald’s sold the franchises to different firms in the two states.

The restaurant on G.A.R. Highway went through a major renovation this past year.

“I wanted to make sure that was remodeled before I was done with my career,” he said. “That was the first and I wanted to modernize it.”

© Copyright © 2017 The Spectator. All rights reserved., source Newspapers

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Sales 2017 22 509 M
EBIT 2017 8 766 M
Net income 2017 5 320 M
Debt 2017 25 234 M
Yield 2017 2,39%
P/E ratio 2017 24,49
P/E ratio 2018 23,07
EV / Sales 2017 6,87x
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Capitalization 129 308 M
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Spread / Average Target 7,2%
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