US News Massachusetts: Boston Market closes 45 locations

Discussion in 'Headline News' started by tom_mai78101, Jul 9, 2019.

  1. tom_mai78101

    tom_mai78101 The Helper Connoisseur / Ex-MineCraft Host Staff Member

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    Boston Market, the pioneering fast-casual rotisserie chicken chain, has closed 45 of its restaurants over the past week as part of a restructuring designed to improve the brand’s “long-term sustainability.”

    In a letter to employees dated July 8 and shared with members of the media Monday, CEO Frances Allen acknowledged closing six locations on June 30 and another 39 on Sunday as part of a “broad-based analysis” of its locations.

    “We must take steps to ensure our operational structure will support long-term sustainability,” Allen said in a letter to employees. “Part of that effort involves continuously analyzing our geographic footprint and real estate portfolio to assess the ongoing viability of locations.”

    The company had been working with consulting firm Hilco Global to renegotiate leases as part of an out-of-court working, according to a report last month in the publication Debtwire. Restaurant Business has since confirmed that report.

    Boston Market finished 2018 with 454 locations, meaning the recent closures represent 10% of the company’s unit base.

    System sales have been declining in recent years, including a 1.3% decline in 2018, according to data from Restaurant Business sister company Technomic. Since U.S. system sales peaked at $615 million in 2014, according to Technomic, Boston Market sales have declined more than 9%.

    Read more here. (Restaurant Business Online)

    Going to insert some local news since there's not a lot going on here.

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