McFallout

The global economic crisis — which ravaged Iceland's banks and economy last year — has just claimed another victim: The Golden Arches.

The country best known as Bjork's homeland is losing its only three McDonald's restaurants as a result of the poor economic situation in the country, the franchise owner told CNN Tuesday.

Magnus Ogmundsson, the owner, said it had become too expensive to operate the restaurants after Iceland's currency, the krona, plunged in value.

Iceland's currency is worth about half of what it was before the crisis hit.

For its part, McDonald's said it had become financially prohibitive to continue operating in Iceland because of "the unique operational complexity of doing business in Iceland combined with the very challenging economic climate in the country."

McDonald's says it has no plans to seek a new franchise partner there.

http://www.globalpost.com/notebook/commerce/091027/mcfallout