LOS ANGELES, April 25 (Xinhua) -- Jack in the Box, a fast food giant based in San Diego, western U.S. state of California, announced plans earlier this week to close 150 to 200 locations, according to local news outlets.
Jack in the Box operates some 2,200 stores across 22 states in the country, primarily on the West Coast, including many locations in Southern California. The company's CEO said in a statement released earlier this week that the fast-food chain was focused on accelerating cash flow and paying down debt.
According to NBC 7 news channel based in San Diego, the plan designed to improve the company's financial performance would include between 80 to 120 of those closures by the end of 2025.
The company also indicated it would "significantly reduce" spending on new restaurant development starting next year and would explore "strategic alternatives for the Del Taco brand, including a possible divestiture of the business."
Jack in the Box acquired Del Taco in 2022 for around 585 million U.S. dollars. The latter is currently the second-largest Mexican-American quick-service chain with about 600 locations. ■