On The Border Mexican Grill & Cantina has joined the ranks of casual dining chains filing for Chapter 11 bankruptcy, as announced by OTB Holding LLC on March 5. The decision stems from a significant liquidity crisis exacerbated by declining customer traffic as diners choose home cooking over dining out. Although the specific reasons for the bankruptcy were not detailed in the announcement, it reflects broader trends affecting the casual dining industry. The president, Chris Rockwood, emphasized the restructuring's potential for improving financial stability as the chain operates 80 locations nationwide.
OTB Holding LLC, owner of On The Border, filed for Chapter 11 bankruptcy due to a rapid loss of liquidity and operational challenges, with 80 restaurants affected.
Chris Rockwood, president of On The Border, mentioned that restructuring through Chapter 11 is aimed at addressing financial challenges to emerge stronger in the future.
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