If history is any guide, then Jim Cramer thinks Chipotle could have a long way to go to restore investor confidence in its stock.
An e-coli outbreak caused November same-store sales to plunge an incredible 16 percent, and the negative publicity could prompt further declines of 8 to 11 percent this quarter.
But looking back in history, Cramer thinks it could be longer. The last big e-coli outbreak occurred with Taco Bell in 2006. The company saw a 5 percent decrease in same-store sales once onions were identified as the source of the outbreak.
The Centers for Disease Control and Prevention (CDC) immediately pulled the onions from Taco Bell's menu, but until things were completely under control the stock had an additional 11 percent decline in the next quarter—followed by a 7 percent decline and a 6 percent decline in the two quarters following.
"These numbers from Chipotle are obviously much worse, which is a little surprising given the brand loyalty that Chipotle has versus Taco Bell, but it makes sense given the company's inability to get control over the situation," the "Mad Money" host said.