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Stock impact report

Jack in the Box plans to close hundreds of locations [Yahoo! Finance]

Jack In The Box Inc. (JACK) 
Last jack in the box inc. earnings: 2/19 04:05 pm Check Earnings Report
Company Research Source: Yahoo! Finance
The franchise said 80 to 120 restaurants would be shut down by the end of the year, and the rest of the low-profit locations will close based on franchise agreements. Jack in the Box currently operates 2,200 locations across 22 states, most of which are located on the West Coast. California has 942 restaurants, making up 43 percent of the company's total. The closures, under a new “JACK on Track” plan, are meant to “address the balance sheet to accelerate cash flow and pay down debt,” CEO Lance Tucker said in a statement. Tucker was ushered in as CEO on March 31. He continued: “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.” The franchise also hopes to pay off $300 million in debt in the next two years from clos Show less Read more
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