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According to Reuters, Mr Ogmundsson said that the price paid for the raw materials used in McDonald's meals had increased in the last 18 months. He added that he plans to open new restaurants at all the three locations under a new name Metro.
Mr Ogmundsson was quoted by the news source as saying: "I have sold more hamburgers in the last few months than ever before, but the cost is prohibitive. It just makes no sense. For a kilo of onion, imported from Germany, I am paying the equivalent of a bottle of good whiskey."
McDonald's Europe, as quoted by Times Online, said: "The unique operational complexity of doing business in Iceland combined with the very challenging economic climate in the country makes it financially prohibitive to continue the business."
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