Good afternoon.Guzman y Gomez is closing its US business after failing to establish itself in a market already rich with Mexican food, confirming the American country’s reputation as a “graveyard” for Australian fast food companies.The Mexican-themed chain told shareholders on Friday that the performance of its US stores had not been acceptable, despite its well-publicised plans to “become the best and biggest restaurant company in the world”.The closures are expected to cost GyG up to US$40m (A$56m) in one-off costs.The GyG founder and co-chief executive, Steven Marks, said the performance of the US business could no longer justify the required investment.“I have always been confident in the differentiation of our food and guest experience, however this was not translating to an improvement in sales momentum,” Marks said on Friday.Top news
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