Jack in the Box announced that it plans to close 150 to 200 of its restaurants as it looks to boost the fast-food company’s financial performance.
The company said Wednesday that the restaurants in the planned “block closure program” were ones that were “underperforming” and, in many cases, several decades old.
“Our actions today focus on three main areas: addressing our balance sheet to accelerate cash flow and pay down debt, while preserving growth-oriented capital investments related to technology and restaurant reimage; closing underperforming restaurants to position ourselves for consistent net unit growth and competitive unit economics; and, an overall return to simplicity for the Jack in the Box business model and investor story,” Jack in the Box CEO Lance Tucker said.