March 28, 2023

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Chipotle beefs rent before burrito season

Chipotle Mexican Grill, the fast food chain, said Thursday it plans to hire 15,000 jobs before its busiest time of the year, in sharp contrast to other large companies laying off employees due to the pandemic’s overstretching and concerns about the economy.

company he said in a statement that she was preparing for what she called “burrito season,” which runs from March through May, the time of year that Chipotle said typically brings in the most business.

“We will continue to bring in new staff to support Chipotle’s explosive growth plans,” Chipotle restaurant manager Scott Boatright said in a statement. The company employs more than 100,000 people in more than 3,000 restaurants. Its long-term plan calls for eventually operating 7,000 outlets across North America.

The hiring comes as many companies are laying off employees and cutting costs. Technology companies in particular have Recently announced layoffswith tens of thousands of job cuts in AmazonAnd the alphabetAnd Microsoft And others. industrial companies such as dawbanks such as Goldman Sachs and media companies such as Washington Post Employees have also been laid off recently.

The Fed has been paying close attention to the labor market as it raises interest rates to control inflation by slowing the economy. The latest data showed that US employers added fewer jobs in December than in previous months, But the pace of hiring has remained steady.

In its most recent earnings report, Chipotle for the third quarter of 2022 reported earnings of about $260 million, up more than 20 percent from a year earlier. In October, the company said its prices were on track to rise by about 15 percent in 2022 as it, Like many consumer-facing companieshigher costs to consumers.

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