Taco Del Mar Files For Bankruptcy

Taco Del Mar Franchising has filed for bankruptcy under the protection of Chapter 11 in the United S

It owes creditors between $1m to $10m. The company expects to continue all business operations during the restructuring without interruption.

The company said that the restructuring will provide it a chance to restructure debts and become financially viable again while reorganizing to better position the company for growth in the current economic climate.

Larry Destro, president and CEO of Taco Del Mar, said: "Although this was not our first choice, we believe that the Chapter 11 process will allow us to maximize the value of the Company's assets.

"When we emerge from this restructuring, Taco Del Mar will have become a much more competitive brand and a more financially secure investment for our existing and future franchisees."

Taco Del Mar is a quick-service casual restaurant chain inspired by southern Baja, Mexico and coastal beach shacks. It serves burritos and tacos. Taco Del Mar has around 225 locations throughout the US, Canada and Guam.