Crain’s New York Business:
A veteran McDonald’s franchisee, Irwin Kruger, who owns the 17,000-square-foot McDonald’s on W. 42nd St. in Times Square, as well as three others in the city, is selling his stores.
Mr. Kruger opened the first McDonald’s in midtown Manhattan, across from Madison Square Garden, in 1973 and he has been a franchisee of the Oak Brook, Ill. based company for 42 years.
He said a “compromise settlement agreement†he struck with McDonald’s Corp. prevents him from disclosing the reason for the sale. The four restaurants are being sold to McDonald’s, which he said plans to retain his more than 300 employees.
McDonald’s was not immediately available for comment.