Categories
News Restaurants

El Torito And Chevys Parent Company Files For Chapter 11 Bankruptcy

Fans of the full-service Mexican restaurants El Torito and Chevys may want to take a seat. Real Mex (RM Holdco LLC) is entering an Asset Purchase Agreement with an affiliate of Z Capital Group, LLC. This means that the company is planning to sell over its assets as it voluntarily files for Chapter 11 Bankruptcy.

Besides El Torito and Chevys, Real Mex owns a variety of chain restaurants, including Acapulco Mexican Restaurant and Cantina, El Paso Cantina, Who Song and Larry’s, and Las Brisas.

Essentially, reorganizing under Chapter 11 of the U.S. Bankruptcy Code allows Real Mex to pass on some of their liabilities to Z Capital Group, according to Reuters.

You can rest easy for a bit, though, as for the time being Real Mex’s restaurants will still remain open to guests as if nothing has changed.

Bryan Lockwood, CEO of Real Mex, said in a statement:

“The support from Z Capital and Tennenbaum will help minimize any disruptions and ensure that the process is seamless for our guests, employees, and vendors. We’re looking forward to completing this transaction as swiftly as possible and emerging from Ch. 11 in a stronger financial position, poised for future growth.”

I remember frequenting El Torito’s Sunday brunch buffet and piling my plate with scrambled eggs, braised meats, sweet corn cakes, and a stack of waffles. Then, I’d wash the meal down with a hearty bowl of menudo. Honestly, it was heaven — making this news a little bittersweet.

Until things take a drastic turn, I’m definitely going to hit up El Torito’s Sunday brunch a few more times. That spread was sweet and you never know what the future holds.

Categories
News Restaurants

Joe’s Crab Shack Files For Bankruptcy, Assets To Be Sold Off

Sad news for seafood lovers, Joe’s Crab Shack is reportedly filing for bankruptcy reports Consumerist.

Ignite Restaurant Group announced in a press statement that it is agreeing with Kelly Companies to sell Joe’s Crab Shack and Brick House Tavern + Tap Brands.

All of Ignite’s subsidiaries, Joe’s Crab Shack included, filed voluntary petitions for reorganization under Chapter 11. This means that Joe’s will have 60 to 90 days to sell their assets.

A silver lining for Joe’s Crab Shack fans during this troublesome time, all 112 locations of Joe’s Crab Shack will remain open during the sales process. In this period, the seafood restaurant chain will still accept gift cards and coupons. If you’ve got em, make sure to spend them as soon as possible.

Categories
Restaurants

HomeTown Buffet Just Filed For Bankruptcy

Hometown-Buffet-Stk-01

HomeTown Buffet’s parent company, Ovation Brands Inc, filed for Chapter 11 bankruptcy Monday morning. Reuters reports that this will be the second filing made by Ovation in the last four years, one made in 2008 and another in 2012.

Originally known as Buffets Inc, the company had a slew of buffet chains under its belt. This included Old Country Buffet, Fire Mountain, Tahoe Joe’s, Ryan’s and HomeTown Buffet.

The company currently operates about 328 restaurants in the US.

According to the documents filed in the US Bankruptcy Court for the Western District of Texas, up to $50 million in assets and $100 million in liabilities was listed by the chains.

If you’re looking to hit one of these restaurants up for nostalgia’s sake, better hurry.

Photo: HomeTown Buffet

Categories
Sweets

Dippin’ Dots Files For Bankruptcy

The “ice cream of the future,” aka Dippin’ Dots, is not feelin’ too futuristic today. The company filed for Chapter 11 bankruptcy in a U.S. Bankruptcy Court in Paducah, Ky after struggling for some time to come to terms with its $20.2 million in listed assets and debt of $12 million (according to its latest filing).

A reorganization plan is being drawn up for its finances and operations, which should be relatively good news for fans of the product. The novelty ice cream ice cream that is basically little beads of ice cream and is popular with theme park visitors and other event-goers should hopefully make it through the reorganization and maintain its distribution.

Categories
Hit-Or-Miss

Black Angus Steakhouse Operator's Chapter 11

It wasn’t too long ago that we heard Black Angus was ridding of some of their lunch options in order to save operating costs. As of January 15th though, ARG Enterprises Inc., the operator of 69 Black Angus locations in seven western U.S. states sought bankruptcy. Black Angus was founded in Seattle back in 1964 and employs over 3,600 people. The future of Black Angus is unsure, though some undisclosed parties have indicated an interest in ARG’s remaining assets. We will bring more news regarding Black Angus Steakhouse as it becomes available to us. (Thx Bloomberg)