"The krona is quite weak and we are buying everything in euros, and we have very high tariffs on imported agricultural products," he told CNN on Tuesday. (CNN) - Iceland is losing its only three McDonald's restaurants as a result of the poor economic situation in the country.īusinessman Magnus Ogmundsson, who owns the only McDonald's franchise in Iceland, said it had become too expensive to operate the restaurants after Iceland's currency, the krona, plunged in value. Krona worth half as much now as it was in January 2008 - and imports are priced in euros.
Franchise owner said restaurants now too expensive to run after Iceland's currency plunged in value.Iceland is losing its only three McDonald's restaurants after economic collapse.
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