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The Mexican casual chain puts the blame on escalating labor costs and the effects of bad weather.
Traffic and check averages also declined.
The company’s stock price fell after same-store sales declined for the first time in years.
Claudia San Pedro will lead the company after it is sold to Inspire Brands.
Dave Pickens, a former president of Olive Garden, will also serve as COO.
The company’s North America same-store sales declined nearly 10% in the third quarter.
Dallas-based franchisee Sun Holdings will take control of the 169-unit chain.
Arc Group, owner of Dick’s Wings, has been working to buy the chain for months.
But the company doesn’t get the valuations that some of its competitors have received, says RB’s The Bottom Line.
The parent company of Taco Cabana and Pollo Tropical lagged behind analyst expectations and saw minimal traffic growth, prompting stock prices to nosedive.
These emerging chains are the growth vehicles to watch—the ones poised to be major industry players in the coming years.
Food trends and recipes to keep menus fresh
New restaurants and soon-to-open concepts worth monitoring
RB’s exclusive ranking of the highest-grossing independent restaurants
Peter Romeo highlights the moments restaurateurs miss at their own peril
These 50 ideas go beyond what’s “cool” to deliver smart, trend-forward solutions that might just serve as an inspiration for others.