Rubio's Coastal Grill Files For Chapter 11 Bankruptcy

CARLSBAD, CA — Rubio's Coastal Grill filed for Chapter 11 bankruptcy Monday, according to the Carlsbad-based fast casual restaurant chain. The company, which is known for its fish tacos, filed in Delaware.

"COVID-19 has had a significant impact on Rubio's, like most businesses, and I'm proud of how we have responded to the challenge," co-founder Ralph Rubio said in a statement. "This restructuring plan creates the long-term financial stability we need to continue to serve our communities for years to come."

The company reached agreement on a "comprehensive financial restructuring with its sponsor, Mill Road Capital, and its lenders, funds managed by Golub Capital, to recapitalize the company," according to a news release.

"Rubio's entered the year in a strong financial position, which has helped the company remain flexible in navigating the unprecedented impact of the pandemic," said Marc Simon, president and CEO of Rubio's.

"The agreement with our sponsor and lenders will position the company to thrive in this constantly evolving market. This plan will strengthen our finances and allow us to continue to serve our loyal guests and drive our business forward."

Daily operations at more than 150 Rubio's restaurants in California, Arizona and Nevada will continue with business as usual, according to the company.

The chain permanently closed 26 locations, primarily in Colorado and Florida, that had been temporarily closed since the pandemic first hit the country. In addition, a "small number" of stores remain temporarily closed and may reopen as state and county
restrictions change, according to the company.

Rubio's first opened in 1983 in the Mission Bay neighborhood of San Diego.