BurgerFuel exits Iraq as threat of war looms
New Zealand-based burger chain BurgerFuel’s master licensee has closed its remaining locations in Baghdad, Iraq, due to mounting turmoil in the region and the ongoing threat of war.
The chain made the announcements on the NZX, stating that while the period did enjoy a period of stability a few years ago, the situation has progressively worsened.
“Given the ongoing turmoil and recent escalation of major potential warfare, the company saw no prospect of operating in Iraq in the future,” BurgerFuel company secretary Mark Piet said in an announcement on the NZX.
The store closure will have no material impact on the chain’s earnings, Piet said.
The situation in the region has destabilised over the last week, with a US missile strike killing Iranian general Qasem Soleimani, kicking off a backlash against the US and its troops in the region.
On Thursday, Iran launched more than a dozen ballistic missiles to destroy the US military base that fired the strike against Soleimani, though timed the attack to minimise casualties according to the BBC.
Iranian foreign minister Mohammad Javad Zarif said the attack was in self-defence, and was proportionate under the UN Charter.
“We do not seek escalation or war, but will defend ourselves against any aggression,” Zarif said.
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