Competitors within the Tex-Mex and Mexican segments of the restaurant house has been fierce in recent times, led by Yum Manufacturers fast-food chains Taco Bell. (Hmm) and chipotle (CMG) .
Taco Bell is king with about 7,936 areas within the U.S., in response to information firm ScrapeHero. Chipotle has a superb market dimension with three,398 items. Different main gamers embody Qdoba with greater than 750 areas and Del Taco. (Taco) with greater than 600.
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Sure Mexican informal restaurant chains have had monetary difficulties attempting to compete and have needed to declare chapter. Chevy's Contemporary Mex, which had as much as 37 areas, filed for chapter a few instances, most just lately in 2018, and presently has 18 areas.
Different Mexican chains filed for chapter and closed completely, together with Don Pablo's, which filed for chapter in 2017 and closed in 2019. One other, Chi-Chis, filed for chapter and closed completely in 2004.
Tijuana Flats closes 11 shops
Quick-casual Tex-Mex chain Tijuana Flats Eating places has bold plans in its chapter submitting that it hopes will lead the corporate to success. On April 19, the debtor filed for Chapter 11 chapter safety in america Chapter Courtroom for the Center District of Florida, bought the corporate to a brand new possession group and closed 11 of its branches.
The brand new homeowners, Flatheads LLC, bought the restaurant chain from TJF USA LLC with a plan to revitalize its eating places and reinvigorate the shopper expertise, the corporate mentioned in an announcement.
“Our firm is happy concerning the new possession group's plan to reinvest, focus and emphasize the issues that initially made so many individuals love Tijuana Flats. “We perceive the rapid monetary actions they took to make sure the long-term well being of this nice and iconic model,” Tijuana Flats CEO Joe Christina mentioned within the assertion.
Christina will stay CEO, the corporate mentioned.
The debtor listed between $1 million and $10 million in belongings and between $10 million and $50 million in liabilities in his petition. Its largest unsecured collectors are US Meals, which is owed $2.9 million, and on-line ordering programs supplier Mobo Methods, which is owed $522,689. He additionally owes $442,249 to the Florida Division of Income and $297,572 to the Inner Income Service.
Tijuana Flats had not but filed a movement in search of debtor-in-possession financing as of April 19.
The strategic overview led to chapter and sale.
The corporate mentioned the sale and chapter submitting are the end result of a strategic overview it started in November 2023 searching for choices to enhance its enterprise. The closure of 11 areas was obligatory after a unit-by-unit evaluation of economic efficiency, occupancy prices and market situations. The remainder of the chain's eating places will proceed to function usually.
Flatheads mentioned it plans to return to the fundamentals and unique roots, specializing in customer support, high quality meals and truthful costs. The brand new homeowners will renew the chain's concentrate on quality control, pace of service, meals consistency, portion sizes and enhancing the in-store expertise.
The corporate additionally plans to renovate a number of of its areas to refresh them and enhance the eating expertise.
Tijuana Flats, based in 1995 in Winter Park, Florida, had as much as 123 areas. It presently operates 65 company-owned areas all through Florida and one other 26 franchised eating places in Alabama, Florida, North Carolina and Tennessee.