On Tuesday, April 22, the famous American fast-food chain “Jack in the Box” announced its plan to close 150 to 200 underperforming stores by the end of this year. This move is part of an initiative called “JACK on Track” aimed at improving the company’s financial situation. The CEO stated that they are focusing on streamlining operations, accelerating cash flow, and reducing debt.
Jack in the Box is known for its Jumbo Jack burger and cartoon mascot, operating around 2,200 locations in 22 states across the United States, mainly concentrated on the West Coast, including Southern California. In December 2021, the company acquired the Mexican fast-food chain Del Taco in California. The financial streamlining plan of the company might affect the future of approximately 600 Del Taco stores.
Earlier on March 31, the famous wing chain restaurant Hooters filed for bankruptcy in Texas, selling all of its corporate-owned stores to a franchisee group supported by the company’s founders to address debts amounting to as much as $376 million. In recent years, Hooters, like other casual dining chains, has faced challenges due to inflation, rising labor and food costs, as well as decreased consumer spending in the United States.
The news report above was adapted from coverage by “The Hill.”