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He worked 100-hour weeks to save a nearly bankrupt boat company. At 83, he’s just turned down $400 million for it—and gave it all to charity instead

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He worked 100-hour weeks to save a nearly bankrupt boat company. At 83, he’s just turned down $400 million for it—and gave it all to charity instead

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Costco's $14 million email settlement: Who qualifies for an up-to $500 payment and how to claim before the Aug. 24 deadline

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Tim Cook signed off on his final Apple earnings call with a warning about a ‘hundred year flood’ in memory chip pricing
RetailChipotle

Chipotle Is Closing Its ShopHouse Asian Food Chain

Lucinda Shen
By
Lucinda Shen
Lucinda Shen
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Lucinda Shen
By
Lucinda Shen
Lucinda Shen
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March 10, 2017, 7:44 AM ET
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Chipotle Mexican Grill will be shuttering all its ShopHouse Asian Kitchen Locations.

According to a Thursday report from Nation’s Restaurant News, citing a Chipotle spokesman, Chipotle (CMG) plans to close all 15 ShopHouse restaurants effective March 17.

“We now have a deal in place to sell the ShopHouse leases and believe that is the right decision at this time,” spokesman Chris Arnold wrote in an email to Nation’s Restaurant News.

Still, ShopHouse employees shouldn’t fret. According to Arnold, they will be offered positions at Chipotle.

Back in 2011, Chipotle had opened the ShopHouse stores with the hopes of re-creating its success from its Mexican food chain. But last October, Chipotle executives noted that they would no longer invest in the ShopHouse brand because it was not gaining enough traction among customers.

The closures come as Chipotle tries to recover from a food safety crisis that started in fall 2015. Shares of the company are down 19% over the last 12 months,

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Lucinda Shen
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