Iceland to Lose McDonald's

Iceland will soon lose McDonald's after the island's only franchisee decided to shutter the three fast-food restaurants he owns in Reykjavik.

Lyst Hr., Iceland's only McDonald's franchise holder, decided to close its restaurants next weekend because of the falling price of Iceland's currency, the Associated Press reports.

"The economic situation has just made it too expensive for us," Magnus Ogmundsson, the managing director the company told the AP. The restaurants will reopen under a new name, Metro, serving locally produced foods.

Iceland is the ninth country to lose all its McDonald's restaurants. The chain pulled out of seven countries in 2002, and in 1996, Barbados lost its only McDonald's due to slow sales, the AP said.

[Via Associated Press]