Swedish burger chain surrenders to multinationals

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STOCKHOLM--Swedish foods company Clock has announced plans to quit the fast food market, where it has encountered heavy losses in competing with the market's two key players, McDonald's and Burger King.

Clock had 40 restaurants in 12 Swedish cities when the company listed on the Stockholm Stock Exchange in 1994. By 1998, the number of outlets fell to 14. These have now been sold off to small, local fast food chains. The 14 outlets are located in Uppsala, Stockholm, Orebro, Malmo and Gothenburg.

Copyright March 1999, Crain Communications Inc.

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