Popular fast food chain closing 10% of stores

The chain is also exploring a sale of it Del Taco brand.

Transcript

00:00Fast food chain Jack in the Box has announced it will be closing roughly 10% of its locations,

00:05as well as exploring a sale of its Del Taco brand. The chain said it will be shuttering

00:09between 150 and 200 of its underperforming restaurants, with up to 120 of those closures

00:14taking effect by the end of 2025. The chain currently has about 2,200 restaurants in the

00:20U.S. Of the closures, Jack in the Box CEO Lance Tucker said they're aimed at addressing our

00:25balance sheet to accelerate cash flow and pay down debt. He said the company hopes to pay off $300

00:30million in debt over the next two years. Jack in the Box is far from the only struggling fast food

00:36chain. Both McDonald's and Chipotle admitted to a sluggish start to the year. However, Jack in the

00:41Box is the only one to announce store closures. Shares of the company are down nearly 60% over the

00:47last 12 months. That'll do it for your daily briefing. From New York City, I'm Kelsey Barberio

00:51with The Street.