Mexican-style chain Chipotle has gone from fast casual favorite to a bad joke over the last year.
A recent E. Coli outbreak has shaken confidence to the core. Chipotle stock was riding high at $747/share in October and has since cratered to around $474.
Now the company is taking drastic motions to turn things around. On February 8, all stores will shut down so that employees can learn new food safety protocols.
“In early February, we’re going to have an all-company meeting, all 60,000 or so of us,” Chipotle founder and co-CEO Steve Ells told investors. “We’re going to let all of our folks know what we know about how this happened, and, in detail, all the steps we’re taking to ensure that it won’t happen again.”
While patrons may go hungry then, Wall Street seems satisfied with the news. Chipotle stock is up over 4% today.