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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'Gay' McDonald's prompts boycott

I never thought I'd side with McDonald's on any issue.

The American Family Association has launched a call for a boycott of McDonald's, including a website, BoyCott McDonald's. The boycott call stems from McDonald's refusal to condemn Vice President of Communications Richard Ellis’s election to the Board of Directors of the National Gay & Lesbian Chamber of Commerce, as well as saying the fast-food giant has refused "to stay neutral in the cultural war over homosexuality."

McDonald's USA spokesman Bill Whitman says: "We stand by and support our people to live and work in a society free of discrimination and harassment."

In March, the association ended a two-year boycott of Ford after the automaker largely stopped advertising its Volvo, Jaguar and Land Rover vehicles in the gay media. The association also has boycotted retailer Target for substituting "holiday" for "Christmas" in its advertising and the Walt Disney Co. for its "embrace of the homosexual lifestyle."

Read the World Daily News story.

Toronto sells McDonald's site for a bargain

The city of Toronto has decided to sell a prime piece of land in the high-traffic area of Bloor Street West, just west of Avenue Road, for a bargain price and expects the property to be flipped quickly to allow a 100-metre condo tower on the site.

According to a Toronto Star report, McDonald's plans to resell the land to Kazakhstan-based developer Bazis International Inc., which is building an 80-storey condo building down the street at 1 Bloor and already owns the lot adjacent to McDonald's. As part of the deal, the chain would get a new restaurant in the building.

On March 5, city council voted 28-4 to accept the original offer of $3.38 million made by McDonald's for the building with a cheap 99-year lease.

Just two weeks ago, a blue-ribbon panel that examined the city's books concluded Toronto could do a better job of managing its massive real estate portfolio, and said the city could realize an extra $150 million a year from asset sales.

Some estimates had suggested the site, which is across from the Royal Ontario Museum, could be worth $7 million to $9 million, though its desirability could be limited by the long lease McDonald's holds on the land.

Question: How does this happen? You reckon the boys at Mickie Dee's could shell out the extra $3 million?

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Photo from Toronto Star