Iceland to Open in Iceland Skip to content

Iceland to Open in Iceland

icelandfoods-logoFormer founder and chief of Icelandic budget grocery chain store Jóhannes Jónsson intends to open a branch of UK store Iceland, which specializes in frozen foods, along with Scottish entrepreneur Malcolm Walker, the founder of and majority owner of Iceland Foods, in Iceland

Business weekly Viðskiptablaðið revealed Jóhannes’ plans yesterday, stating that the first store was supposed to open on June 17, the Icelandic National Day.

“That is too optimistic although it would have been fun,” commented Jóhannes to Fréttablaðið on the timing. “But something might start to happen in the late summer.”

Jóhannes said that even though the stores will open under the UK Iceland brand, they will be Icelandicized to a considerable extent.

“The character of our society is different than in Britain regarding food preferences and demand,” he said, adding that customs fees also place certain limitations on the selection. The plan is for Iceland stores to open all around the country.

Iceland Foods became one of the most valuable assets of the bankruptcy estates of the Icelandic banks after the collapse in 2008.

Baugur Group, the investment company owned and run by Jóhannes’ son, Jón Ásgeir Jóhannesson, and other Icelandic investors bought the company in 2005.

At the time the chain store’s operations were on a decline after new owners took over from Walker.

Walker was hired back as CEO after the acquisition and ended up buying the company early this year when agreements were made with Landsbanki and Glitnir Bank on a price for their share in Iceland Foods.

Click here to read more about Jóhannes Jónsson and here to read more about Iceland Foods.

ESA

Sign up for our weekly newsletter

Get news from Iceland, photos, and in-depth stories delivered to your inbox every week!

* indicates required

Subscribe to Iceland Review

In-depth stories and high-quality photography showcasing life in Iceland!

Share article

Facebook
Twitter

Recommended Posts