Monday, October 26, 2009
Iceland shows how it is done.
And it is not an easy process, nor one you would want to initiate yourself, but Iceland is enjoying an unexpected benefit of the economic crisis that has devalued the currency.
Iceland’s McDonald’s Corp. restaurants will be closed at the end of the month after the collapse of the krona eroded profits at the fast-food chain, McDonald’s franchise holder Lyst ehf said.Doing it the hard way, but they will be a better country for it.
McDonald’s in Iceland, which imports most of the ingredients it uses in its meals, will shut after costs doubled over the past year, Lyst said in an e-mailed statement today. The franchise holder said it doesn’t expect the situation to change in the short term.
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