Rubio's Coastal Grill, an 86-location, three-state seafood restaurant chain headquartered in Carlsbad, California, has been sold to its lender, The Original Fish Taco, some two months after filing for bankruptcy protection, National Restaurant News reports.
The Original Fish Taco, an affiliate of the TREW Capital Management restaurant investment firm, made an uncontested bid for $40 million, according to the article.
TREW, which is headed by former Famous Dave's CEO Jeff Crivello, took on Rubio's debt of more than $72m in March, two months before Rubio's filed for Chapter 11. The company recently closed 50 of its California locations, but still lists a large number of restaurants in California, Arizona and Nevada on its website.
It was the second time Rubio's has filed for Chapter 11 protection in four years, having earlier declared bankruptcy in 2020, during the pandemic.
A hearing for an approval of the final sale is expected to take place on Monday (Aug. 5).
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