Taco Bueno files Chapter 11 bankruptcy as part of ‘restructuring plan’
OKLAHOMA CITY – A fast-food restaurant that specializes in Tex-Mex announced that it has voluntarily filed for Chapter 11 bankruptcy.
On Tuesday, Taco Bueno Restaurants announced that it was beginning a ‘comprehensive financial restructuring’ plan, but that guests would not be negatively affected by the process.
“Taco Bueno will continue to operate in the ordinary course of business, serving fresh and flavorful authentic Tex-Mex cuisine during the restructuring process,” a release said.
Company officials say Taco Supremo, LLC. has acquired all of Taco Bueno’s outstanding bank debt and provided a commitment for up to $10 million in debtor-in-possession financing.
“We are pleased to have reached this agreement with Sun Holdings on the terms of a financial restructuring that will strengthen our balance sheet and position our company for continued success. We also look forward to welcoming Sun Holdings as the new owner of Taco Bueno,” said Omar Janjua, Chief Executive Officer, Taco Bueno. “Sun Holdings is a large, multi-concept franchisee based in Dallas with a deep understanding of both the quick service space and the region where we operate, which will enable us to be an even more attractive employer, business partner and dining staple in the communities we serve. During this court-supervised process, we will continue to focus on initiatives to grow the Taco Bueno brand, while remaining true to our roots, delivering great-tasting meals to our customers in an inviting and comfortable environment. We thank our dedicated employees for continuing to provide an authentic, better-tasting Tex-Mex experience and unmatched customer service to guests as we’ve done for more than 50 years.”
During the restructuring process, Taco Bueno expects to continue operating restaurants in Texas, Oklahoma, Arkansas, Kansas, Louisiana and Missouri.
“Taco Bueno is a great brand with loyal customers, and we have long admired their commitment to serving authentic Tex-Mex cuisine made by real cooks, in real kitchens and providing unmatched customer service,” said Guillermo Perales, Chief Executive Officer and Founder of Sun Holdings Inc. “We know quick service and the customer base well, and we see considerable opportunities to invest across the Taco Bueno footprint to enhance the customer experience and drive long-term growth for the brand. We look forward to working with Omar, the rest of the Taco Bueno management team and all the hardworking employees to continue serving Buenoheads well into the future.”