Rubio’s is hoping its third act will set it on a path toward profitability. Last week, the chain declared bankruptcy for the second time in four years. It first went bankrupt in 2020 due to the financial impact of the COVID-19 pandemic.
On Dec. 30, 2020, Rubio’s emerged from its first bankruptcy with less outstanding debt and an improved store footprint, wrote Nicholas Rubin, Rubio’s chief restructuring officer, in a document filed with the U.S. Bankruptcy Court for the District of Delaware. But ongoing macroeconomic headwinds pushed the chain back into a financial crisis and its balance sheet needs further restructuring to satisfy its debt obligations.
Much like the rest…
