(RNN) – “Less is more” probably doesn’t apply to Chipotle burritos, but the company’s new CEO apparently believes it applies to the company.
The Mexican premium fast food chain will close between 55 and 65 stores, according to Reuters, part of a strategy by CEO Brian Niccol to, according to a press release issued Wednesday, “execute a growth driven turnaround.”
Reuters reported Chipotle’s stock price has surged 80 percent since Niccol was hired in February, with growth coming primarily through online sales.
In its release, the company acknowledged “the restructuring of the organization and closing underperforming restaurants.”
Niccol said that the company is focused on “making the brand more engaging, visible, and culturally relevant” in the release. It intends to accomplish that by “revamping our marketing communications and plans, leveraging our second make line to grow digital sales and expand access, and engaging with our customers by launching a new royalty program in 2019.”
Before coming to Chipotle, Niccol was the CEO of Taco Bell, credited with the introduction of the wildly popular Doritos Locos Tacos.
Reuters reported Chipotle was already testing five new food offerings at a New York test kitchen.
“I can easily see a future where Chipotle more than doubles the business to $10 billion in revenue,” Niccol said in the release.
The company has struggled to recover since an E. coli outbreak in 2015 and 2016 in Chipotle food affected more than 50 people and led to widespread avoidance of the restaurant.
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