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McDonald's franchisee pulls out of Iceland
October 26, 2009
Iceland will lose its three McDonald's locations this week due in part to the country's devalued currency, according to a story in The Globe and Mail. Iceland's krona has lost nearly 70 percent of its value against the euro over the last year and a half, driving up the franchisee's costs for imported products from Germany, including beef and cheese.
The franchisee plans to reopen the stores under the name Metro, another burger concept.
The country's Burger King restaurants, which also rely on imported products, have closed as well; however, the chains that use locally sourced ingredients such as Taco Bell, KFC and Pizza Hut, remain open.
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