Taco Del Mar Franchising Corp. to Voluntarily Restructure Under Chapter 11
SEATTLE--(BUSINESS WIRE)--Taco Del Mar Franchising Corp. today announced that it is voluntarily restructuring its business under the protection of Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court in Seattle. The company is expecting to continue all business operations during the restructuring without interruption. The restructuring will provide the company a chance to restructure debts and become financially viable again while reorganizing to better position the company for growth in the current economic climate.
"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," said Larry Destro, president and CEO of Taco Del Mar. "Taco Del Mar has tremendous traction in its core markets and this process offers an opportunity to grow without the constraints imposed by the current debt burden and threats of litigation. 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.
Mr. Destro added, "I deeply appreciate the dedication and hard work of our employees, franchisees and Master Developers and know that by working together through this process we will emerge stronger than ever.
This restructuring does not involve the franchisee-owned Taco Del Mar store location operations, only the Taco Del Mar Franchising Corp. will restructure.
About Taco Del Mar
Founded in Seattle in 1992 by brothers James and John Schmidt, Taco Del Mar is a quick-service casual restaurant chain inspired by southern Baja, Mexico and coastal beach shacks known for serving some of the tastiest burritos and tacos. Today, Taco Del Mar brings those craved Mexican flavors and experience to more than 225 locations throughout the U.S., Canada and Guam.
"Parents" magazine recently named Taco Del Mar one of America's Top 10 Best Fast-Casual Family Restaurants. For more information, visit www.parents.com/bestfastrestaurants. "Health" magazine also named Taco Del Mar one of America's Top 10 Healthiest Fast Food Restaurants. As the fresh, fast alternative to traditional Mexican food, Taco Del Mar takes its ingredients seriously, balancing taste and nutrition. Taco Del Mar's menu is completely Trans-fat free. The restaurant steams its long-grain rice, does NOT use lard in its beans and uses fresh-made tortillas (with five different choices - spinach, tomato, flour, corn and whole wheat). Taco shells are baked, not fried, and Taco Del Mar's salsas and guacamole are made with fresh ingredients daily.