business news in context, analysis with attitude

…with brief, occasional, italicized and sometimes gratuitous commentary…

Reuters reports that Chipotle has decided to close the Tasty Made hamburger restaurant it began testing in Lancaster, Ohio, in October 2016. The reason? It has “underperformed expectations.”

What, they didn’t want to wait for former Taco Bell CEO Brian Niccol, who becomes the new Chipotle CEO today, to be the one to take out trash? It is ironic, though. Chipotle opened a burger restaurant on the theory that it would allow it to diversify at a time when its Mexican restaurants were facing food safety questions, and now it is closing burger joint at a time when the guy who used to run its less aspirational competition is coming in to run the place.

• The Financial Times reports that three former Tesco executives will face a re-trial in the case that has them accused of fraud and falsified accounting; their actions, the prosecution says, were part of an accounting scandal in which the company systematically and systemically overstated revenue and understated costs.

The re-trial is occurring, the FT writes, because one of the defendants had a heart attack during the original trial, resulting in the British equivalent of a mistrial.
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