NEW YORK (TheStreet) -- China's most recent food health scare is hurting restaurant chains and even consumers.
Last week, meat processor the Husi Food Company, the Shanghai office of Illinois-based OSI Group, was accused of selling spoiled meat to popular food chains throughout China and Japan.
"To help rebuild the trust of our customers and consumers, as well as to cooperate with the official investigatory process, we are compelled to withdraw all products manufactured by Shanghai Husi from the market place. We are also conducting a thorough internal investigation into any possible failures on the part of current and former senior management." This statement comes after several McDonald's locations stopped using meat products from the supplier. Last week, McDonald's Holdings Co, in Japan, announced that it would no longer source its meat from China, and instead will source products from Thailand. As a result, locations throughout China, Hong Kong and Japan have temporarily gone vegetarian, providing customers with limited options, according to McDonald's company websites and media outlets. McDonald's was little changed on the day $95.78. Burger King, Starbucks, Papa John's Touched by China Food Health Scare
China's Health Scare Rips Through Asian Restaurant Chains
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV