Chipotle plans on closing up to 65 stores, shaking up its menu

During a call with investors on Wednesday, Chipotle CEO Brian Niccol and other executives announced that the company is shuttering 55 to 65 underperforming restaurants and revamping its menu.

Niccol, who joined Chipotle in March, is the former head of Taco Bell. They did not share which locations are being closed, or what new items are being added to the menu; the company announced earlier this month it is testing five new offerings, including nachos and quesadillas, in a New York test kitchen.

Chipotle will also finally launch a loyalty program in 2019, and add in-app delivery to 2,000 restaurants by the end of 2018. Executives were asked about international expansion, but said they are instead focusing on "aggressive growth" in the U.S.

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