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SAN DIEGO - Rubio's Coastal Grill, which originated in San Diego, announced Wednesday that it is filing for Chapter 11 bankruptcy, citing rising costs in California.
"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."
Rubio's said it is entering into a stalking horse purchase agreement to sell the business to an entity formed and controlled by its existing lender. The sale transaction is expected to be completed within 75 days.According to a company statement, the chain"has been negatively affected over the past few years by diminishing in-store traffic attributable to work-from-home practices remaining in place.
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