On the border of Mexican barbecue and canteen Filed for bankruptcy protection. Chapter 11 this week after the closing of dozens of restaurants last month, court documents show.
At the time of the application, they had 60 restaurants at the border, which were operated on by companies and listed the estimated property and assessed between $ 10 and $ 50 million. According to court records, the company has more than $ 19 million “debt that fundes pre -presentation.”
OTB Holdings Chief Director Jonathan Tibus said that the bankruptcy was brought in the difficult economic conditions, the shortages of the work, the less performance of the restaurant and the action of conducting creditors, according to the records observed by USA Today.
In the same sub -tibus, Tibus said that the company, along with the debtors, decided to close 40 “poor quality” stores at the end of February.
The border is joined by other casual chain restaurants that have faced difficulty and have filed bankruptcy in recent months.
In mid -June 2024. Seafood restaurant chain Red lobster filed for chapter 11 bankruptcy in Florida. In a statement published at a time when the company said that it intended to use the procedure to “initiate operational improvements, to simplify the job by reducing locations and to the implementation of all assets.” But only Months later, the company announced that he was leaving chapter 11. After the federal judge approved the chain plan.
In November 2024, TGI on Friday announced that it is also reported To protect against bankruptcy 11, citing a pandemic Coid-19 among its business challenges. “This restructuring will allow our guidance restaurants to continue with an optimized corporate infrastructure that allows them to achieve their full potential,” said Rohit Manocha, Executive President TGI Frioumerds Inc.
Bucca di Beppo submitted a bankruptcy request in August 2024citing growing costs and difficulties in employment, according to information from restaurants and court documents filed at the US Bankruptcy Court for the Northern Texas Quarter.
Contribution: Julia Gomez, Natalie Neys Alund, Jonathan Limehouse and Mike Snider
Fernando Cervantes Jr. is a trendy journalist for USA Today. Reach it to fernando.cervantes@gannett.com and follow it on x @fern_cerv_.
This article originally appeared on USA Today: 40 restaurants are closed on the border; chain chain files
