DENVER BUSINESS JOURNAL - Noodles & Company (Nasdaq: NDLS) reported a net loss of $71.7 million for the 2016 fiscal year, the majority of it coming from pre-tax impairment charges related to 54 of the struggling restaurant chain’s most under-performing stores.
The Wednesday announcement comes less than three weeks after the Broomfield-headquartered chain said it would close 55 of its worst-performing locations— 39 of which had shut down already by Wednesday. Officials also confirmed that Noodles recorded a drop in same-store sales for the sixth straight quarter, mimicking downward trends throughout the fast-casual restaurant sector nationally.
Despite the news, interim CEO Dave Boennighausen said he felt confident in the future of the chain, which reported that $45.4 million of the net loss for the year came in the final quarter of 2016.
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