Guzman y Gomez pulls the plug on US expansion, shutters stores
Guzman y Gomez has decided to cease its expansion efforts in the United States, closing all of its stores in the country. The Australian-founded Mexican chain invested heavily in its US operations but failed to meet sales targets. The company anticipates a financial impact of up to $40 million due to this decision.
- ▪Guzman y Gomez has shut down its stores in Chicago and halted its US expansion plans.
- ▪The founder, Steve Marks, cited insufficient sales performance as a reason for the decision.
- ▪The company expects to incur a financial hit of up to $40 million as a result of exiting the US market.
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Excerpt limited to ~120 words for fair-use compliance. The full article is at The Sydney Morning Herald.