Local Restaurant Starts Store Closures – Could Northern Colorado Be on the List?
A national restaurant that has many Northern Colorado locations has decided to close 16 restaurants as they see sales start to decline.
Noodles & Company, which has five locations in Fort Collins and Loveland, has said that the closures are due to a reported net income loss of $9.8 million in the third quarter. The Denver Business Journal states that part of that loss has to do with a tax impairment charge having to do with 25 restaurants.
Noodles & Company, which is based in Broomfield, states that they will incur another $5 million in those charges due to costs associated with the closures.
The company recently announced that they have removed artificial flavors and colors from its food and also has a new program for kids meals at all of it's locations. It's part of the biggest marketing campaign in the restaurant's history.
Stock prices for Noodles & Company have been on a downward trend, with the listing at $11.10 at the time of the writing of this article Monday afternoon.