Rubio’s Restaurants, a fast-casual Mexican food chain based in Carlsbad, filed a bankruptcy petition in Delaware on Monday.
Rubio confirmed the submission. In a statement released on Monday:
“Rubio’s Restaurant’s today announced that it has agreed to a comprehensive financial restructuring with its lender, a fund managed by its sponsors Mill Road Capital and Golub Capital. To implement the restructuring, the company has submitted an advance package plan. With the approval of the lender, he voluntarily filed a petition for protection under Chapter 11 of the US Bankruptcy Act to the Bankruptcy Court of the State of Delaware, USA.”
The chain has more than 150 locations with over 3,500 employees in California, Arizona, and Nevada. It has nearly six restaurants in its hometown, Carlsbad, and there are dozens of restaurants around San Diego County.
Rubio spokesman Anita-Marie Laurie said on Monday that he wanted the company to emphasize that “our restaurant is open.”
The company said in a statement Monday that more than 24 locations (mostly located in Florida and Colorado) that had been closed during the pandemic would be permanently shut down. As restrictions are eased, another “few” locations that were still closed due to the pandemic could reopen.
Company founder Ralph Rubio maintained a positive tone in the quotes attributed to him in a statement Monday.
“COVID-19, like most businesses, has had a significant impact on Rubio and we are proud of how we responded to this challenge. Our investments in digital technologies that were critical in 2019, including online ordering, mobile apps, new loyalty programs, and Rubio’s delivery, allowed us to quickly transition under various state and county restrictions. . This restructuring plan creates the long-term financial stability needed to continue serving the community for years to come.”
According to the company biography, the first Rubio’s opened in Mission Bay in 1983.
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