Guzman y Gomez Closes 8 U.S. Restaurants as Chicago Expansion Falters

10 articles · Updated · Fox Business · May 24

May 22 marked Guzman y Gomez’s full U.S. exit, with all eight Chicago-area restaurants permanently closed after six years in the market.
Steven Marks said the business was not improving sales momentum and would require far more time and capital than expected, leaving returns too weak to justify further shareholder investment.
The retreat reverses plans to open hundreds or even thousands of U.S. stores after the Australian chain’s 2020 debut in Chicago.
Australian-listed shares jumped to A$21.10 from A$18.05 after the announcement, as investors welcomed a loss-making exit and the company refocused on Australia, Japan and Singapore.
The shutdown also reflects tougher U.S. restaurant conditions: S&P Global data cited in the report showed 3 in 10 Americans cutting back, while food-away-from-home prices have risen 39.3% since 2019.

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