Summary
Jack in the Box plans to close dozens of its restaurants as part of its "JACK on Track" strategy to improve financial performance. The restaurant chain will also reduce spending on new developments and has sold Del Taco as part of this plan. The company cited declining sales as a reason for these changes.
Key Facts
- Jack in the Box announced plans to close 150 to 200 restaurants under a block closure program.
- By December 31, the company aims to close 80 to 120 of these locations.
- Since April, 72 restaurants have already closed.
- The "JACK on Track" strategy includes selling real estate and cutting costs.
- Jack in the Box has sold Del Taco for $119 million to Yadav Enterprises Inc.
- Same-store sales, which measure sales in existing outlets without new or closed ones, fell by 7.4% in the fourth quarter.
- The company plans to open approximately 20 new restaurants and close 50 to 100 in the current fiscal year.
