Taco Del Mar files for bankruptcy protection

[Newsjock]

Source: Seattle Times

Taco Del Mar Franchising, a Seattle-based chain of Mexican fast-food restaurants, filed for Chapter 11 bankruptcy protection today, saying it owes creditors between $1 million and $10 million.

The chain now has more than 225 stores in the U.S., Canada and Guam, according to a press release. CEO Larry Destro said in the statement that the bankruptcy process "offers an opportunity to grow without the constraints imposed by the current debt burden and threats of litigation."

The holding company that owns Taco Del Mar, Conrad & Barry Investments, also filed for bankruptcy protection today. Its debts include $448,632 to Banner Bank.

George Treperinas, an attorney at Seattle law firm Karr Tuttle Campbell who is representing both companies in bankruptcy court, said that debts from legal settlements mentioned in the bankruptcy filing are with creditors of failed Taco Del Mar franchisees.

Read more: http://seattletimes.nwsource.com/html/businesstechnology/2010863874_tacodelmar23.html

[Sanity Claws]

1. I used to go there when I lived in Seattle

Lots of fresh food for the money.

[BunkerHill24]

2. Already?????

looks like the Krispy Kreme financial debacle!!

[Sebastian Doyle]

3. Well that sucks

Now where the hell am I supposed to get a Mondo Burrito? :evilfrown:

[FarCenter]

7. Mondo breakfast burrito -- 1190 calories to start your day!

[BP2]

4. That stinks. Good food. Better than Taco Hell anyway :(

[eridani]

9. Well, there's still Taco Time

They make their own salsa. How the hell does Taco Hell survive and Taco del Mar fold?

[quiller4]

10. they aren't closing they are reorganizing. n/t

[KT2000]

5. another holding company

I wonder if they raided the company of its cash and assets, charged it fees for doing so and then filed for bankruptcy as so many of these predator holding companies do.

[DeadEyeDyck]

6. Time to short

[Frank Cannon]

8. Taco Del Mar was great in the '50s Mexican sci-fi movie "Los Invisibles"

I didn't know he was having financial troubles.

Or maybe I'm thinking of someone else.