California-based Rubio’s Coastal Grill, known for its fish tacos, filed its second Chapter 11 bankruptcy in four years on Wednesday in Delaware, listing between $100 million and $500 million of liabilities.
The filing comes days after local media in San Diego — where the chain got its start in 1983 — reported that 48 of its restaurants had closed, citing difficult business conditions in California, while 86 remained open.
Rubio’s bankruptcy follows another well-known restaurant chain’s filing, Red Lobster, which sought Chapter 11 protection roughly two weeks ago under pressure from falling customer visits, higher costs and a $20 all-you-can-eat shrimp special that cut into profits amid questions about supplier contracts.
Rubio’s, headquartered in Carlsbad, previously filed a prepackaged debt-for-equity bankruptcy in 2020 that ultimately won approval in under two months, with unsecured creditors ultimately getting a small, unexpected recovery at the end of the case.
In Wednesday’s petition, the debtor, MRRC Hold Co., also listed Rubio’s Fresh Mexican Grill. Additional petitions were filed for Rubio’s Restaurants Inc. and Rubio’s Incentives LLC, according to claims agent Stretto.
