Consumer Law
Food Chain Rubio’s Files for Bankruptcy
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.
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.
