In December 2010, Chipotle hired chef Nate Appleman to develop new cuisine. The company serves approximately 750,000 customers per day. Consumer Reports ranked Chipotle as the best Mexican fast-food chain in 2011. sales over the past year, and in 2010 Chipotle was ranked third. In a list of fastest-growing restaurant chains in 2009, Chipotle was ranked eighth, based on increases in U.S. In January 2009, president and chief operating officer Monty Moran was promoted to co-CEO, a position that he would share with Ells, while Moran retained his president position.
In 2008, Chipotle opened its first location outside of the United States in Toronto.
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McDonald's had attempted to get Chipotle to add drive-through windows and a breakfast menu, which Ells resisted. McDonald's had invested approximately $360 million into Chipotle, and took out $1.5 billion. This was part of a larger initiative for McDonald's to divest all of its non-core business restaurants - Chipotle, Donatos Pizza, and Boston Market - so that it could focus on the main McDonald's chain. In October 2006, McDonald's fully divested from Chipotle. In March 2005, Monty Moran was appointed president and chief operating officer of Chipotle while Ells remained chairman and CEO. The money from the offering was then used to fund new store growth. In its first day as a public company, the stock rose exactly 100%, resulting in the best U.S.-based IPO in six years, and the second-best IPO for a restaurant after Boston Market. On January 26, 2006, Chipotle made its initial public offering (IPO) after increasing the share price twice due to high pre-IPO demand. The investment from McDonald's allowed the firm to quickly expand, from 16 restaurants in 1998 to over 500 by 2005. By 2001, McDonald's had grown to be Chipotle's largest investor. In 1998, McDonald's made an initial minority investment in the company. The company opened its first location in Minnesota by opening near the campus of the University of Minnesota in Minneapolis in March 1999. In 1998, the first restaurant outside of Colorado opened in Kansas City, Missouri. Ells had originally planned to use funds from the first Chipotle to open a fine-dining restaurant, but instead focused on Chipotle Mexican Grill when the restaurants saw success.
Afterwards, Ells created a board of directors and business plan, raising an additional $1.8 million for the company. To fund additional growth, Ells' father invested $1.5 million. The second store opened in 1995 using Chipotle's cash flow, and the third was opened using an SBA loan. After one month, the original restaurant was selling over 1,000 burritos a day. Ells and his father calculated that the store would need to sell 107 burritos per day to be profitable. In 1993, Ells took what he learned in San Francisco and opened the first Chipotle Mexican Grill in Denver, Colorado, in a former Dolly Madison Ice Cream store at 1644 East Evans Avenue, near the University of Denver campus, using an $85,000 loan from his father. There, Ells observed the popularity of the taquerías and San Francisco burritos in the Mission District. Afterward, he became a line cook for Jeremiah Tower at Stars in San Francisco. Steve Ells attended the Culinary Institute of America in Hyde Park, New York. History The first Chipotle, near the campus of the University of Denver In May 2018, Chipotle announced the relocation of their corporate headquarters to Newport Beach, California, in Southern California, ending their relationship with Denver after 25 years. With more than 2,000 locations, Chipotle had a net income of US$475.6 million and a staff of more than 45,000 employees in 2015. By the time McDonald's fully divested itself from Chipotle in 2006, the chain had grown to over 500 locations. Founded by Steve Ells on July 13, 1993, Chipotle had 16 restaurants (all in Colorado) when McDonald's Corporation became a major investor in 1998. Ĭhipotle was one of the first chains of fast casual dining establishments. Its name derives from chipotle, the Nahuatl name for a smoked and dried jalapeño chili pepper. Chipotle operates restaurants in the United States, United Kingdom, Canada, Germany, and France. ( / tʃ ɪ ˈ p oʊ t l eɪ/, chih- POHT-lay), often known simply as Chipotle, is an American chain of fast casual restaurants specializing in bowls, tacos and Mission burritos made to order in front of the customer.
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