McDonald’s cuts pay packages for some employees

(Reuters) -McDonald’s Corp is cutting pay packages for some employees as part of a restructuring that includes layoffs and the shutting down of some offices, the Wall Street Journal reported on Friday, citing people familiar with the matter.

Reuters on Monday reported that the number of corporate employees the company was planning to lay off this week will tally in the “hundreds.”

The fast-food chain has offered some employees a chance to remain at the company with reductions in their compensation packages, including changes to titles and benefits such as bonuses and equity grants, the WSJ report said.

Job cuts and changes at McDonald’s (NYSE:) are affecting employees in the United States and abroad, at the company’s Chicago headquarters and in its field offices, and across departments including marketing and operations, the report added.

McDonald’s declined to comment on the report.

The company, which has over 150,000 employees across corporate and other offices as well as in company-owned and operated restaurants, earlier this year said it was reviewing corporate staffing levels while also announcing plans to cancel or “de-prioritize” some initiatives.