McDonald's Corporation(NYSE: MCD ) announced a turnaround plan Monday, after which the stock fell to close at $96.13, down 1.17 percent.
In contrast, the market rewarded competitors. Shake Shack Inc(NYSE: SHAK ) surged 6.93 percent to close at $75.65.
Habit Restaurants Inc(NASDAQ: HABT ) was also a big winner on the day, it soared 12.48 percent to $36.56.
McDonald's has been struggling with disappointing results and the turnaround initiative was hoped to reverse the trend.
Among certain organizational changes, McDonald's said it would refranchise "3,500 restaurants by the end of 2018."
The company would also "deliver approximately $300 million in net annual G&A savings, most of which will be realized by the end of 2017, in connection with the Company's organizational restructure, refranchising strategy, and more stringent discipline around spending throughout the organization."
Finally, the company said it would return "$8 to $9 billion to shareholders in 2015 and to reach the top end of its 3-year $18 to $20 billion cash return to shareholders target by the end of 2016."
See more from Benzinga
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
