Thread Rating:
  • 0 Vote(s) - 0 Average
  • 1
  • 2
  • 3
  • 4
  • 5
The up side of the economic meltdown in Iceland. No more McDonalds
McDonald's pulls out of Iceland

[Image: _44590897_mcdonalds_getty226b.jpg] McDonald's is seen as a part of most developed economies

McDonald's is to close its business in Iceland because the country's financial crisis has made it too expensive to operate its franchise.
The fast food giant said its three outlets in the country would shut - and that it had no plans to return.
Besides the economy, McDonald's blamed the "unique operational complexity" of doing business in an isolated nation with a population of just 300,000.
Iceland's first McDonald's restaurant opened in 1993.
'No sense'
[Image: o.gif] [Image: start_quote_rb.gif] For a kilo of onion, imported from Germany, I'm paying the equivalent of a bottle of good whisky [Image: end_quote_rb.gif]

Jon Gardar Ogmundsson
McDonald's Icelandic franchisee

The franchises are run by a firm called Lyst, with owner Jon Gardar Ogmundsson saying the decision was "not taken lightly".
He said that the restaurants imported the goods from Germany, but that costs had almost doubled, with the falling krona making imports prohibitively expensive.
Mr Ogmundsson said the restaurants had "never been this busy before... but at the same time profits have never been lower".
"It just makes no sense. For a kilo of onion, imported from Germany, I'm paying the equivalent of a bottle of good whisky," he added.
He now plans to run the restaurants under another name so that he is able to buy cheaper Icelandic products.
Iceland's banks collapsed at the height of the global credit crisis - wrecking the country's economy and forcing it to rely on an $10bn (£6.1bn) international aid package.
"The philosophers have only interpreted the world, in various ways. The point, however, is to change it." Karl Marx

"He would, wouldn't he?" Mandy Rice-Davies. When asked in court whether she knew that Lord Astor had denied having sex with her.

“I think it would be a good idea” Ghandi, when asked about Western Civilisation.
The shadow is a moral problem that challenges the whole ego-personality, for no one can become conscious of the shadow without considerable moral effort. To become conscious of it involves recognizing the dark aspects of the personality as present and real. This act is the essential condition for any kind of self-knowledge.
Carl Jung - Aion (1951). CW 9, Part II: P.14

Possibly Related Threads…
Thread Author Replies Views Last Post
  Iceland government falls Magda Hassan 58 66,455 03-12-2016, 08:26 AM
Last Post: Peter Lemkin
  Miracle economic solution Gary Severson 2 2,826 06-09-2011, 02:55 AM
Last Post: Gary Severson
  Iceland, the Mouse That Roared Ed Jewett 0 2,283 17-03-2010, 04:14 AM
Last Post: Ed Jewett
  Axis Of Greed - Structure Of Economic Elites Peter Lemkin 2 4,584 28-02-2010, 08:58 AM
Last Post: Peter Lemkin
  Grim news ahead re. mortgage meltdown Dawn Meredith 0 2,161 24-05-2009, 12:34 PM
Last Post: Dawn Meredith
  Tarpley on Obama's Economic Woes & Plans - Great Talk! Peter Lemkin 0 2,196 26-02-2009, 10:41 AM
Last Post: Peter Lemkin
  The Up Side of Down Magda Hassan 1 2,390 25-02-2009, 03:47 PM
Last Post: David Guyatt
  Bureau of Economic Analysis research information on US companies o/s holdings Magda Hassan 0 2,053 19-02-2009, 09:17 AM
Last Post: Magda Hassan
  Global financial meltdown foreseen David Guyatt 0 2,260 04-02-2009, 11:38 AM
Last Post: David Guyatt
  Iceland's Kaupthing Bank Granted High Loans Weeks before Collapse Magda Hassan 3 3,586 23-01-2009, 09:42 PM
Last Post: Magda Hassan

Forum Jump:

Users browsing this thread: 1 Guest(s)