Jack in the Box to close 67 Qdoba Mexican Grill outelts
Restaurant chain Jack in the Box plans to close 67 company-operated restaurants under Qdoba Mexican…Restaurant chain Jack in the Box plans to close 67 company-operated restaurants under Qdoba Mexican Grill brand by the end of fiscal 2013, following a comprehensive review of the brand.
The move followed a comprehensive unit-level analysis of sales, cash flows and other key performance metrics, as well as site locations, brand awareness and lease status.
As of the end of the second quarter, Qdoba's system included 647 restaurants, of which 340 were company-operated.
Qdoba president Tim Casey said, "By closing these locations and optimizing our company footprint, we can be more effective in focusing our advertising and marketing resources to support existing and planned restaurants in our core markets where we have high levels of brand awareness."
Jack in the Box chairman and chief executive officer Linda Lang said the store closures will have a positive impact on the financial performance of Qdoba brand.
"We believe in the tremendous potential of the Qdoba brand, and we plan to continue expanding in North America, with 70 to 75 new locations expected to open system-wide in fiscal 2013, including approximately 40 company locations," Lang added.
Further, the company expects to open 60 to 70 new Qdoba restaurants, approximately half of which will be company locations.
Jack in the Box operates more than 2,200 restaurants in 21 states.
