The state of the fast food restaurant business is always in a state of flux. New restaurant chains continuously rise and fall in popularity with each passing decade, yet few have maintained as iconic a place in mainstream culture as the nationwide Jack in the Box.

Since opening its first location in 1951, Jack in the Box has become a dependable haven for traditional fast food fare, including juicy burgers, crispy fries, and the restaurant's fairly unconventional taco menu items.

In recent years, however, the iconic fast food chain has fallen on increasingly hard times. Now, as part of their overall strategy to ensure the company's survival, Jack in the Box will close hundreds of underperforming restaurants across the country.

The bold strategy, dubbed "Jack on Track", has been devised to help improve Jack in the Box's financial performance, as reflected in the recent drop in the company's stock price by 57% over the last year.

In an official statement from the restaurant, Jack in the Box's executives went into more detail about their plans to close down dozens of long-running restaurants, clarifying that the closures will happen over time.

"Jack in the Box will implement a block closure program, which is projected to result in the closure of approximately 150-200 underperforming restaurants — a majority of which have been in the system for over three decades," the company said.

"The program will consist of approximately 80-120 restaurant closures between now and December 31, 2025, with the remaining underperforming restaurants closing thereafter based upon respective franchise agreement termination dates," they went on to say.

As part of its long-term strategy, Jack in the Box has also announced that they'll be working with Bank of America Securities, a partnership that will allow them to assess potential strategies for the restaurant's Del Taco brand. Currently, there are roughly 600 Del Taco locations throughout the U.S., many of which are based along the West Coast.