ICELAND
McDonald's exits after krona's fall
The Big Mac, long a symbol of globalization, has become the latest victim of Iceland's overexposure to the world financial crisis.
Iceland's three McDonald's restaurants — all in the capital Reykjavik — close Oct. 31, as the franchise owner gives in to falling profits caused by the collapse in the Icelandic krona.
Lyst Hr., McDonald's franchise holder in Iceland, was bound by McDonald's requirement that it import all the goods required for its restaurants — from packaging to meat and cheeses — from Germany.
The Japan Times Weekly: Oct. 31, 2009 (C) All rights reserved
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