Chipotle is closing dozens of locations in the next month
- Chipotle announced plans to close 55 to 65 locations on Wednesday, with half of the closures taking place in the next 30 days.
- Closures include five locations of Pizzeria Locale, Chipotle's fast-casual pizza chain.
- Chipotle is making major changes in an attempt to turn the chain around with new leadership, testing new menu items, and plans for a new loyalty program.
Chipotle is closing dozens of locations as the chain attempts a turnaround.
The company announced on Wednesday that it plans to close 55 to 65 underperforming locations, with half of the closures occurring in the next 30 days.
Closures include five of the seven remaining locations of Pizzeria Locale, Chipotle's fast-casual pizza chain. Two Pizzeria Locale locations in Denver, Colorado will remain open.
Chipotle closed the only location of Tasty Made, its "better-burger" concept, in May. And, in March 2017, the company closed all 15 locations of its Southeast Asian chain, ShopHouse Kitchen.
The upcoming closures come at a time of change for Chipotle. On Wednesday, the company also discussed initatives including new deals to attract customers outside of lunch and dinner, plans to roll out new menu items, and a new loyalty program test in the second half of 2018.
"Our vision at Chipotle is to win today and cultivate a better future," CEO Brian Niccol said in a call with investors.
Niccol, previously CEO of Taco Bell, is leading Chipotle's turnaround, stepping into the role of CEO in March. Taco Bell experienced a period of impressive growth under Niccol's leadership as the CEO pushed for more creative marketing and new menu items such as the Naked Chicken Chalupa.
At Chipotle, Niccol is hoping to pull off a similar success. Chipotle announced plans to move its headquarters to Newport Beach, California, near Taco Bell's headquarters, in May. The chain is already trying new menu items including a chocolate milkshake, avocado tostadas, and quesadillas in its New York City test kitchen.