On the Border Mexican Chain Officially Shuts Down
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jun 23 2026
0mins
Source: seekingalpha
- Closure Reasons: On the Border, a Mexican casual dining chain, officially shut down last week after moving from Chapter 11 restructuring in 2025, driven by declining traffic, rising costs, and underperforming stores, indicating a failed turnaround effort.
- Market Impact: The closure of On the Border marks a multi-year shakeout in full-service and smaller fast-casual Mexican concepts, even as Chipotle continues to consolidate its position as the growth engine in the category.
- Industry Trends: Since 2024, chains like Taco Cabana and Matteo’s Authentic Mexican Food have closed units or exited markets, primarily due to rising wages, food inflation, and weaker discretionary spending.
- Competitive Landscape Changes: The thinning field of Mexican chains has allowed larger players like Chipotle and Taco Bell to continue seeing unit growth and capture more market share, highlighting their advantages in digital reach and drive-thru infrastructure.
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Analyst Views on CMG
Wall Street analysts forecast CMG stock price to rise
25 Analyst Rating
18 Buy
7 Hold
0 Sell
Moderate Buy
Current: 33.980
Low
35.00
Averages
45.95
High
56.00
Current: 33.980
Low
35.00
Averages
45.95
High
56.00
About CMG
Chipotle Mexican Grill, Inc. is a restaurant company. The Company develops and operates restaurants that serve a menu of burritos, burrito bowls, quesadillas, tacos, and salads, made using fresh ingredients. The Company operates approximately 3839 restaurants in the United States, Canada, the United Kingdom, France, Germany, Kuwait, and United Arab Emirates. It owns and operates all its restaurants in North America and Europe. The Company is focused in serving sourced, classically cooked, real food with wholesome ingredients without artificial colors, flavors or preservatives. Its menu includes Burrito, Burrito Bowl, Lifestyle Bowl, Quesadilla, Salad, Tacos, Kid’s Meal, Chips and Sides, and Build your Own (digital only). It also includes Raymonte’s Chicken Bowl, The Mr. Fantasy Burrito, Carne Asada, Build-Your-Own Chipotle, catering and group order. Its subsidiaries include Chipotle Mexican Grill Canada Corp., Chipotle Mexican Grill France SAS, among others.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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