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Hundreds of McDonald's restaurants are set to close following a drastic global plummet in sales.

The legendary multinational company has earmarked up to 350 outlets for the chop after a drop in worldwide sales, ranging from 0.6 to 8.3%.

McDonald's boss Steve Easterbrook said the restaurant has developed a "turnaround plan" to try and improve its performance.

The CEO, who stepped into his new role last month, said in a statement: "As the world’s leading restaurant company, we are evolving to be more responsive to today’s customer.

"McDonald’s management team is keenly focused on acting more quickly to better address today’s consumer needs, expectations and the competitive marketplace.

(Image: Getty)

"We are developing a turnaround plan to improve our performance and deliver enduring, profitable growth."

A total of 220 outlets in China and 130 in Japan are set to be scrapped in the new plans.

The hamburger chain said on Wednesday that global sales have declined 2.3% during the first three months of the year, which includes a 2.6% drop in the US.

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Business doesn't look much better in Europe either, where sales have dipped 0.6%.

The company said it will release initial details of its turnaround plan early next month.

In the US, McDonald's has launched a 'Third Pound' burger – set to be its biggest sandwich – as it seeks to compete with other businesses offering so-called gourmet dishes.

(Image: McDonalds)

Weighing a whole 1.3oz more than a traditional Quarter Pounder, the Sirloin Third Pound will only be offered in North America for a limited time.

It is hoped the new sandwich will address declining sales in the US by offering customers a more diverse menu.