Jack in the Box announced plans Tuesday to close 150-200 underperforming stores as part of an aggressive financial plan called “JACK on Track”.
The company’s CEO said in a statement that the fast-food chain known for the Jumbo Jack and sarcastic mascot is focused on accelerating cash flow and paying down debt.
Jack in the Box operates some 2,200 stores across 22 states, primarily on the west coast, including many locations in Southern California.
You might not know it, but Jack in the Box owns Del Taco and the plans to streamline finances could impact the future of the taco chain which operates some 600 locations.
In an investor memo, company officials said it’s launching a ”strategic alternatives process for Del Taco.” Del Taco is currently the second-largest Mexican-American quick-service chain.
Many of the Jack in the Box closures will happen by the end of the year, with remaining underperforming locations closing when franchise agreements terminate.
The company was founded and is headquartered in San Diego
Read the entire Jack in the Box company statement here.
