McDonalds pulls out of Iceland

Iceland is losing its only three McDonald's restaurants as a result of the poor economic situation in the country.

McDonald's said it had become financially prohibitive to continue operating in the island nation because of the very challenging economic climate in the country and the fact that their products were imported from Germany.

The three stores closed at midnight on October 31, but they will reopen as an independent chain called Metro, with more domestic ingredients and fewer imported products.

McDonalds opened in Iceland in 1993.Burger King closed its outlets in Iceland late last year.

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