Intro Doc

Topics: Chipotle Mexican Grill, Initial public offering, McDonald's Pages: 2 (617 words) Published: January 30, 2013
Chipotle Mexican Grill, Inc. (NYSE: CMG) (pron.: /tʃɨˈpoʊtleɪ/ chi-poht-lay),[3] is a chain of restaurants located in the United States, United Kingdom,[4] Canada,[5] and France, specializing in burritos and tacos. Its name derives from chipotle, the Mexican Spanish name for a smoked and dried jalapeño chili pepper.[6] The restaurant is known for its large burritos, assembly-line production,[7] and use of natural ingredients.[8] The company has released a mission statement called Food with Integrity, which highlights its efforts in using organic ingredients,[3] and serves more naturally raised meat than any other restaurant chain.[9] Chipotle is one of the first chains of fast casual dining establishments.[10] Founded by Steve Ells in 1993, Chipotle had 16 restaurants (all in Colorado) when McDonald's Corporation became a major investor in 1998. By the time McDonald's fully divested itself from Chipotle in 2006,[11] the chain had grown to over 500 locations. With more than 1200 locations in 43 states, Washington, D.C., 2 Canadian provinces, England, and France,[12] the chain had net income in 2011 of US$215 million and a staff of 30,940 employees.[2] 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, California.[8] There, Ells observed the popularity of the taquerías and San Francisco burritos in the Mission District. In 1993, Ells took what he learned in San Francisco[13] and opened the first Chipotle (39.67834°N 104.967682°W) in Denver,Colorado, in a former Dolly Madison Ice Cream Store near the University of Denver campus using an $85,000 loan from his father.[11] 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.[14]The second store opened in 1995 using Chipotle's cash flow, and the third was opened using...
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