Is Chicago-favorite Portillo’s still planning to expand into Colorado?

If you’re craving an authentic Chicago-style hot dog or an Italian beef sandwich, you may need to just plan a trip to Illinois at this point…

Portillo’s, the Chicago-based fast-casual chain, appears to have stalled plans for a push into the Colorado market amid a sweeping company-wide slowdown in new restaurant openings.

The chain submitted site development proposals for at least three Denver-metro locations — in Denver, Littleton and Thornton — in early 2025. Portillo’s had first signaled interest in the Colorado market in 2023 as part of a broader strategy to expand beyond its Midwest stronghold into growing Sun Belt and Western markets.

But the company reversed course later that year after acknowledging it had overextended itself, particularly in Texas.

The chain slashed its fiscal 2025 revenue growth target from a range of 10 to 12 percent to 5 to 7 percent and said it would limit new openings to locations where leases had already been signed.

The pullback followed the September 2025 resignation of CEO Michael Osanloo, who had led the company for eight years and championed its national expansion following a 2021 initial public offering. The departure came amid pressure from activist investor Engaged Capital, which had pushed for improvements in restaurant-level performance and stronger national marketing.

At the time of its IPO, the chain — then owned by private-equity firm Berkshire Partners LLC — operated roughly 67 locations. It has since grown to around 100 units across 10 states. The company had once aspired to reach as many as 600 company-owned restaurants across the United States.

A central challenge has been the cost of building new locations. Portillo’s flagship restaurants in the Chicago area typically span about 8,000 square feet and generate average unit volumes of $10 million or more. Newer locations outside the Midwest have been built at smaller footprints to reduce costs, but the company has struggled to bring buildout expenses below $5 million per unit.

Portillo’s has not publicly confirmed whether the three proposed Colorado locations remain on track. The company said in early 2026 that it would continue to slow its expansion plans.