Fast food restaurant chain Taco Bueno has closed 12 locations in Texas and Oklahoma to position the brand for future growth.
In September, the fast food restaurant chain announced plans to permanently close 16 locations across Texas, Oklahoma, Kansas, and Missouri following a strategic depth review of the brand’s entire restaurant portfolio.
Last month, the restaurant chain signed an agreement with Taco Supremo, an affiliate of Sun Holdings, and its other stakeholders for a comprehensive financial restructuring.
Taco Bueno also filed voluntary petitions under Chapter 11 of the US Bankruptcy Code and a pre-packaged plan of reorganization to support its financial restructuring.
The affiliate of Sun Holdings acquired all of Taco Bueno’s outstanding bank debt and offered a commitment for up to $10m in debtor-in-possession financing prior to the filing.
As per the reorganization plan, Sun Holdings would become the owner of Taco Bueno through a debt-for-equity swap.
“Taco Bueno is an awesome brand and by selling the equipment online they take a green and sustainability path.”
RestaurantEquipment.bid, an affiliate of TAGeX Brands, is currently in the process of selling Taco Bueno’s assets through an online auction.
TAGeX Brands president Neal Sherman said: “Taco Bueno is an awesome brand and by selling the equipment online they take a green and sustainability path. The restaurant industry remains highly competitive with 1000’s of closures each year.”
However, the company noted the remaining Taco Bueno locations will continue to serve its customers.
Established in 1967, Taco Bueno currently operates nearly 200 restaurants across the US.
Author: JD Hancock