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I worked for Taco Bell Corp. back when they tried the light menu. It was really the only bad move that the corporate guys ever made while I worked for the company. It didn't just fail- it failed horribly. They even tried giving away light tacos with a purchase. Then they tried giving away any item from the light menu with a purchase. They finally had a specific day where you could have anything from the light menu, no purchase required, to get people to try the stuff before all the product had to be discarded. It didn't work.

I did see recently that my local franchise Taco Bell has a small light menu added back on now. From what I've heard the stuff still doesn't sell, and I do happen to know that the owner is a dipshit. So we'll see, I guess.