ROSEVILLE Calif. Blaming worsening economic conditions, Kobra Properties, a real estate developer and a franchisee of Jack in the Box and other restaurant brands, has filed for Chapter 11 bankruptcy.
Company officials said its restaurant operations would not be affected by the filing, which was made last week in federal bankruptcy court in Sacramento.
Kobra said it operates 71 Jack in the Box units, four Qdoba restaurants and five T.G.I. Friday's locations. The company also owns the fine-dining eatery Crush 29 in Roseville and said it has other concepts in development.
“Like families, governments and businesses everywhere in the Sacramento area, America and around the world, our company is facing difficult financial challenges,” company founder Abe Alizadeh said in a statement. “In the face of these challenges, we’re taking action so we can fairly honor our financial commitments, protect the thousands of jobs we provide and restructure Kobra Properties so we not only weather the storm, but emerge even stronger.”
