The chain is also exploring a sale of it Del Taco brand.
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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
00:29pay off $300 million in debt over the next two years. Jack in the Box is far from the
00:35only struggling fast food chain. Both McDonald's and Chipotle admitted to a sluggish start to the
00:40year. However, Jack in the Box is the only one to announce store closures. Shares of the company
00:45are down nearly 60% over the last 12 months. That'll do it for your daily briefing. From
00:50New York City, I'm Kelsey Barbario with The Street.