Fiesta Restaurant Group (NASDAQ:FRGI) announces some of the steps that it's taking as part of a value creation plan.
The company says it intends to relaunch the Pollo Tropical brand in September of this year and to relaunch the Taco Cabana brand late in the year once priority initiatives under the plan are achieved.
Priority initiatives include the revitalizing brands in core markets, managing capital and financial discipline, establishing new platforms for long term growth and store closings.
The store closing include all Pollo Tropical locations in Dallas-Fort Worth, Austin and Nashville.
“Fiesta’s recent growth initiatives diverted resources from our core markets and some amount of renewal is required to restore momentum in these markets," says CEO Richard Stockinger.
FRGI -6.07% premarket to $22.45.
Source: Press Release