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American fast food has become so unattractive to people in Scandinavia that McDonalds’ now plan to sell its operations in the region, according to local news media.
The hamburger giant is reportedly planning to sell its Nordic operation and is in the process of finding buyer to take over the role as main franchiser for Denmark, Norway and Sweden.
The price will amount to around $420 million, according to Berlingske Business who said a buyer already has been found. It added that the firm has contacted several Danish pension funds regarding the sale.
Swedish business daily Dagens Industri resently said that the Scandinavian market has become increasingly unattractive to McDonald's in recent years as competition from local fast-food chains has become increasingly successful.
McDonald's Chief Executive Steve Easterbrook has vowed to transform the 60-year-old chain into a "modern, progressive burger company." He has introduced the all-day breakfast, banned the use of medically important antibiotics in U.S. chicken, and has been working to speed up service and make it friendlier.
The world's largest fast-food chain's total revenue fell almost 3 percent to $6.42 billion during the third quarter. That was down for a ninth straight quarter, largely due to the sale of restaurants to franchisees.
Last Updated (Thursday, 15 December 2016 02:28)