Rubio’s confirmed the filing in a statement released on Monday:
“Rubio’s Restaurant’s… today announced that it has reached an agreement on a comprehensive financial restructuring with its sponsor, Mill Road Capital, and its lenders, funds managed by Golub Capital, to recapitalize the business. To implement the restructuring, the company filed a pre-packaged plan with acceptance from its lenders, and voluntarily filed for protection under Chapter 11 of the US Bankruptcy Code in the US bankruptcy court- United for the District of Delaware. “
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The chain has more than 150 sites and more than 3,500 workers in California, Arizona and Nevada. He operates nearly half a dozen restaurants right in his hometown of Carlsbad and dozens more in San Diego County.
Rubio spokeswoman Anita-Marie Laurie said on Monday that the company wanted to emphasize to customers that “our restaurants are open as usual.”
The company said in Monday’s statement that more than two dozen sites – most of which were in Florida and Colorado – which had been closed when the pandemic hit, would shut down permanently. A “small number” of other sites that were still closed due to the pandemic could reopen as restrictions are relaxed.
Company founder Ralph Rubio maintained a positive tone in a quote attributed to him in Monday’s statement.
“COVID-19 has had a significant impact on Rubio, like most businesses, and I’m proud of the way we rose to the challenge. Our investments in critical digital technologies in 2019, including online ordering, a mobile app, a new loyalty program, and Rubio delivery, allowed us to quickly pivot under various state and county restrictions…. . This restructuring plan creates the long-term financial stability we need to continue serving our communities for years to come.
The first Rubio’s opened in Mission Bay in 1983, according to the organic company.