The 41-year-old restaurant chain has 86 restaurants in California, Arizona and Nevada, according to its website.The 86 restaurants will continue to operate.
Rubio’s said it has been negatively affected over the past few years by diminishing in-store traffic attributable to work-from-home practices remaining in place, and by rising food and utility costs that, and significant increases to the minimum wage in California, it said put pressure on a number of its locations.
“Rubio’s Coastal Grill is one of the legendary fast casual chains with a strong and loyal customer following in its communities,” Nicholas Rubin, chief restructuring officer of Rubio’s Coastal Grill, said in a news release. “Despite the Company’s best efforts to right-size the company, the continued challenging economic conditions have negatively impacted its ability to meet the demands of its debt burden.
“Making the decision to close a store is never an easy one,” the company said in a statement. “While painful, the store closures are a necessary step in our strategic long-term plan to position Rubio’s for success for years to come. The closings were brought about by the rising cost of doing business in California.”
The company’s estimated assets are between $10,000,001 and $50 Million and its estimated liabilities are between $100,000,001 and $500 million, according to court records.20,000-square-foot mixed-use building planned adjacent to minor league baseball stadiumIf you purchase a product or register for an account through a link on our site, we may receive compensation.