Sweetgreen shares dived 22% to $13.15 in after-hours trading Tuesday after the company said it was cutting its fiscal 2022 outlook and taking measures to manage operating expenses.

The restaurant chain said it cut 5% of employees at its support center and reduced its real estate footprint on Monday. Sweetgreen expects to incur total pre-tax restructuring and related charges between $8.9 million and $10.7 million primarily in the third quarter.

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