SAN DIEGO-Based Fast Food Chain Jack in the Box Annieded Plan This Week to Close 150 to 200 Locations As Part of a Broader Strategy to Improving Long-Term Finances.
The Chain Offering Burgers, Chickeen Sandwiches and Curly Fries is the Latest to Shrink Its Footprint Amid Inflationry Pressors and High Labor Costs.
Popular Destinations Including Shake Shack, Red Lobster and Rubio’s Coastal Grill All Closed Locations Last Year Amid A Reduction in Consumer Spending Driven by Inflation.
Jack in the Box Unveiled Its “Jack on Track” Plan Wednesday, Whiche Aims to Access Cash Flow and Pay Download Debt, According to A. News Release.
The company also said it is also considering Divestiture from del Taco, a mexican American Fast Food Brand that Jack in the Box Acquire in 2022.
BetWeen 80 and 120 Jack in the Box Restaurants Will Close by the End of this Year, The Company Said, and Additional Underfrrorming Locations Will Shut Download in 2026. The Company Will Close AS Many as 200 StoreFRONTS in Total, The Majority of You Have Been in Operation For More Than 30 years.
IT did not speecify where Locations would be Closing.
“Jack in the Box Openers at Its Best and Maximizes Shareholder RTURN POTENTIAL with a Simplified and Asset-Light Business Model,“ Chief Executive Lance Tukeer Said in A. Statement. The Jack on Track Financial Plan Will Bring About An “Overall Return to Simplikity for the Jack in the Box Business Model and Investor Story,” He said.
The Company SAID IT Will Use PROCEEDS from the Sale of Real Estate Holdings to Reduce Its Debt Load. As of January, The Company Face Total Current Liabilities of More Than $ 426 Million.
It will also signific
Jack in the Box Opened Five Locations and Closed 12 in Its Fiscal Second Quarter Ended April 13, According to Preliminary Financial Results. It isded Six del Taco Locations and Shut Download the Same Period.
Same-Store Sale for the Quarter Were Download 4.4% for Jack in the Box and Download 3.6% for del Taco. Net Income for the First Quarter Ended Jan. 19 was $ 33.7 Million, Download from $ 38.7 Million During the Same Period a Year earlier, reflecting a “different independence-wide Macro Environment,” tucker said in a statement.
The chain operations About 2,200 Jack in the Box Locations Across 22 States, Primarily on the West Coast. There is a few few locations in los angeles, and the first Location OpenED in San Diego in 1951.
Jack in the Box Stock Was Download 6% on Thursday. Shares Closed AT $ 23.96 and Have Fallen 41% Year to Date.
