McDonald's announces layoffs, streamlining management 

Looking to reduce expenses by $500 million by the end of 2019, McDonald’s announced it is laying off workers and trimming its corporate structure, The Wall Street Journal reported Thursday.

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McDonald’s USA President Chris Kempczinski outlined the company’s plan in an email to U.S. employees, suppliers and franchisees.

“I recognize that change is difficult, and that eliminating layers within our organization means some employees will ultimately exit our system," Kempczinski said in the memo, the Journal reported.

Kempczinski did not sayhow many employees would be laid off, but said the company would provide more information during a town hall meeting Tuesday.

"We are always evaluating ways to better serve our customers and continue to grow our business," Terri Hickey, a spokeswoman for McDonald's, told CNBC via email. "With that in mind, we are putting into place a new U.S. field structure that will better support our franchisees and will ensure McDonald's continues on a path to being more dynamic, nimble and competitive."

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