Del Taco – a fast-food Mexican restaurant offering tacos, burritos and some American dishes – is closing several of its under-performing stores in the Dallas Fort-Worth area, including stores in Frisco, Plano and McKinney.
According to a WARN Act update from the Texas Workforce Commission, the company will lay off about 53 employees at the three of its stores by Dec. 15.
In a press release issued by the company on Oct. 19, Del Taco announced that the company planned to close 12 under-performing stores by the end of the fiscal year.
“Del Taco plans to close twelve of the thirteen under-performing company-operated restaurants previously discussed in its definitive proxy statement by fiscal year-end and expects to record restaurant closure charges totaling approximately $4.2 million to $5.0 million during the fiscal fourth quarter of 2015. Over the past year these 12 restaurants generated negative restaurant contribution of approximately $1.6 million, and their closures are expected to have an accretive impact to restaurant contribution.”
The company also announced today that it is launching a secondary offering of its common stock, meaning the company is offering new stock for a public sale. The company went public in June.
Del Taco stores closing:
8333 Preston Road
6100 W. Park Blvd
1614 W. University Drive
Check full press release on their website.
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