Chipotle Mexican Grill has denied social media rumors that claimed the fast-casual restaurant chain is closing locations and filing for bankruptcy. A company spokesperson confirmed Chiptole isn’t downsizing in an email to the Daily Voice on Wednesday, Mar. 26.
The rumors appear to have started with a story by Madrid-based outlet Unión Rayo, Newsweek reported. The aggregate site from Spain used an image of the Chipotle logo while reporting on the closure of the chain’s spinoff, Farmesa Fresh Eatery.
The test location in Santa Monica, California, featured a menu created by James Beard Award-winning chef Nate Appleman, but Chipotle abandoned the concept to focus on its core business.
“The false information stemmed from an inaccurate online article confusing Chipotle with a venture it tested in 2023,” a Chipotle spokesperson told Daily Voice. “The story has since been corrected. We anticipate opening between 315 to 345 new restaurants this year with at least 80% including a Chipotlane.”
Chipotle also said the opposite of the rumors is true: it’s expanding.
The company ended 2024 with more than 3,700 restaurants worldwide and has a goal of growing to 7,000 locations in North America.
“Chipotle had another outstanding year, delivering strong transaction driven comps each quarter, expanding margins, adding over 300 new restaurants, gaining momentum in key industry leading brand metrics, making progress on many restaurant operating initiatives and building our footprint internationally,” said CEO Scott Boatwright in the company’s 2024 earnings report.
The company also reported no debt and more than $2 billion in cash reserves on the earnings call. Total revenue hit $11.3 billion in 2024, a 14.6 percent increase over the previous year.
Chipotle is also rolling out new flavors.
Its latest limited-time menu item, chipotle honey chicken, launched in North America and Europe in March. The grilled chicken is seasoned with smoky chipotle peppers and wildflower honey and was a top performer in test markets like Nashville and Sacramento.
Chipotle was founded in Denver in 1983 and moved its headquarters to Newport Beach, CA, in 2018.
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https://dailyvoice.com/ct/hartford/chipotle-denies-closing-rumors-plans-to-open-300-locations/