Chipotle Will be Closing Many Stores

Burrito fast-food chain Chipotle said in a call with investors on Wednesday that the company will be closing at least 55 stores.

According to MarketWatch, around half of the closings will happen within the next month.

Shuttering the stores is part of Chipotle’s restructuring of the chain which is expected to cost in between $115 and $130 million.

Bloomberg reported that the company would also be launching a new customer rewards program next year and that the Chipotle app will be improved to allow customers to get food delivered and to pre-order meals that can be picked up in designated areas inside restaurants.

Chipotle has been announcing many changes this year. Last month it had said it would be relocating its worldwide headquarters to Newport Beach, California from Denver, Colorado.

CEO Brian Niccol looks like is on a mission to turn the company around. He left Taco Bell to lead the company.

Disclaimer: We have no position in Chipotle Mexican Grill, Inc. (NYSE: CMG) and have not been compensated for this article.