Popular Tex-Mex Restaurant Files For Chapter 11 Bankruptcy
Living in Midland-Odessa, most locals feel some type of way when it comes to Tex-Mex food. Love it or hate it, it's a popular staple across the globe. All while most people who live in the Permian Basin would prefer real Mexican food versus Tex-Mex.
Irving, Texas-based On The Border, filed for Chapter 11 bankruptcy protection earlier this week.
This move doesn't come as a surprise. Just last month they closed over 40 locations across the country in an attempt to regain a financial footing. The estimated debt is estimated to be roughly around 19 million dollars with assets ranging from anywhere between 10 to 50 million dollars.
On the Border was first introduced in 1982 in Dallas/Irving area and quickly became popular in the 80s and 90s. Eventually expanding to other states outside Texas, they were even known to open restaurants abroad with locations in Puerto Rico, the Middle East, and even South Korea. It is unclear at this time whether the company's restructuring will include the overseas locations or not.
A financial restricting expert Jonathan Tibus has been named as Chief Restructuring Officer who plans to oversee the attempt to get the company to regain the status of a financially stable business.
Have you ever eaten at On the Border? How was it? Let us know!
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Gallery Credit: Erin Vogt