McDonald's Corp , the world's largest fast-food chain, said on Tuesday it would sell up to 21 percent of its company-owned restaurants to franchisees over the next three years.
The announcement comes as McDonald's has been working to reduce its restaurant ownership so it can funnel more resources into fast-growing markets such as China, Russia and India.
Most of the 1,000 to 1,500 restaurants will be sold to current franchisees, President and Chief Operating Officer Ralph Alvarez said during a meeting with financial analysts at McDonald's Oak Brook, Illinois, headquarters that was broadcast on the Internet.
McDonald's declined to say how much money it expects to raise from the sale of the restaurants.
