McDonald's is an American fast food company, founded in 1940 as a restaurant operated by Richard and Maurice McDonald, in San Bernardino, California, United States. They rechristened their business as a hamburger stand, and later turned the company into a franchise, with the Golden Arches logo being introduced in 1953 at a location in Phoenix, Arizona. In 1955, Ray Kroc, a businessman, joined the company as a franchise agent and proceeded to purchase the chain from the McDonald brothers. McDonald's had its previous headquarters in Oak Brook, Illinois, but moved its global headquarters to Chicago in June 2018. McDonald's is the world's largest restaurant chain by revenue, serving over 69 million customers daily in over 100 countries across 37, 855 outlets as of 2018. Although McDonald's is best known for its hamburgers, cheeseburgers and french fries, they feature chicken products, breakfast items, soft drinks, milkshakes, wraps, and desserts. In response to changing consumer tastes and a negative backlash because of the unhealthiness of their food, the company has added to its menu salads, fish, smoothies, and fruit. The McDonald's Corporation revenues come from the rent, royalties, and fees paid by the franchisees, as well as sales in company-operated restaurants. According to two reports published in 2018, McDonald's is the world's second-largest private employer with 1. 7 million employees (behind Walmart with 2. 3 million employees). As of 2020, McDonald's has the ninth-highest global brand valuation. Siblings Richard and Maurice McDonald opened the first McDonald's at 1398 North E Street at West 14th Street in San Bernardino, California (at 34. 1255N 117. 2946W / 34. 1255, -117. 2946), on May 15, 1940.
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