American chain of fast casual restaurants in the United States, United Kingdom, Canada, Germany, and France, specializing in tacos and Mission-style burritos. Its name derives from chipotle, the Nahuatl name for a smoked and dried jalapeño chipotle menu pdf fax pepper. The company trades on the New York Stock Exchange under the ticker symbol CMG. Chipotle is one of the first chains of fast casual dining establishments.
Competitors in the fast-casual Mexican market include Qdoba Mexican Grill, Moe’s Southwest Grill, Rubio’s Coastal Grill, Pancheros Mexican Grill, Freebirds World Burrito, and Baja Fresh. Founded by Steve Ells on July 13, 1993. 6 million and a staff of more than 45,000 employees in 2015.
Founder Steve Ells attended the Culinary Institute of America in Hyde Park, New York. Afterward, he became a line cook for Jeremiah Tower at Stars in San Francisco.
There, Ells observed the popularity of the taquerías and San Francisco burritos in the Mission District. 85,000 loan from his father. Ells and his father calculated that the store would need to sell 107 burritos per day to be profitable.
After one month, the original restaurant was selling over 1,000 burritos a day. The second store opened in 1995 using Chipotle’s cash flow, and the third was opened using an SBA loan. 8 million for the company. 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.
In 1998, the first restaurant outside of Colorado opened in Kansas City, Missouri. The company opened its first location in Minnesota by opening near the campus of the University of Minnesota in Minneapolis in March 1999.
By 2001, the company had grown to be Chipotle’s largest investor. IPO in six years, and the second-best IPO for a restaurant after Boston Market. The money from the offering was then used to fund new store growth.