Chipotle is not closing despite claims on social media.
Since March 20, rumors that Chipotle was closing ran rampant on social media. Users on X. Reddit, TikTok, and elsewhere reacted to the news, with many confused about how the fast-casual eatery could be closing despite its popularity.
However, the Newport Beach-based chain isn’t closing; instead, it is expanding with plans to open 315 to 345 new restaurants this year, company officials told KTLA.
The company’s latest earnings call indicated zero debt and over $2 billion in cash reserves. Total revenue for 2024 was $11.3 billion, an increase of 14.6% compared to 2023.
Rumors about Chipotle’s closing originated from a Spanish media outlet, Unión Rayo, which published a report about the closure of Farmesa Fresh Eatery, a spinoff venture Chipotle invested in and tested for a few months in 2023.
According to Newsweek, the article’s promotional image originally included the Chipotle logo. Many users saw that and assumed Chipotle was closing.
So don’t worry; your favorite burrito bowl with double meat and extra guacamole is safe.
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