US-based fast-casual restaurant chain Rubio’s, which specialises in Mexican food, has filed for Chapter 11 bankruptcy protection.
The chain filed for a restructuring plan in the bankruptcy court of Wilmington, Delaware.
Go deeper with GlobalData
Following the Covid-19 pandemic, the financial struggles of the chain, which has been experiencing declining sales since 2017, has only worsened.
Rubio’s expects the restructuring plan, which was already approved by the lenders, to help cut down its debt.
The chain employees approximately 3,400 people across its restaurants. It has assets valued from $50m to $100m, with liabilities between $100m and $500m.
It expects to come out of Chapter 11 by the end of the year.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataEstablished in 1983 in Mission Bay region of San Diego, it currently operates, licences, and franchises restaurants in California, Arizona, and Nevada.
Rubio co-founder Ralph Rubio said: “Covid-19 has had a significant impact on Rubio’s. This restructuring plan creates the long-term financial stability we need.”
In a separate development, Thailand’s Siam Commercial Bank (SCB) has rolled out a food delivery platform, called Robinhood.
The move comes amid tough competition in Thailand’s food delivery sector, which has been witnessing a surge in demand in the wake of the pandemic.
Singapore-based Grab, Indonesia’s Go-Jek are some of the key players in this space.
