Two months after declaring bankruptcy, Rubio’s Coastal Grill has been sold to its lender, The Original Fish Taco LLC, an affiliate of TREW Capital Management restaurant investment firm, in an uncontested bid for $40 million.
The investment firm, which is headed by former Famous Dave’s CEO Jeff Crivello, had previously taken on Rubio’s debt of more than $72 million in March. Two months later, Rubio’s filed for Chapter 11 bankruptcy protection, shortly after abruptly closing 50 California locations, and whittling the fish taco brand down to 86 locations in the Western quadrant of the United States.
This is the second time Rubio’s filed for Chapter 11 protection in four years after the company first declared bankruptcy in 2020 during the pandemic. Since then, the company has been struggling to get back on its feet. According to Technomic data, the company closed 4.5% of its units from 2022 to 2023, and lagged behind the rest of the fast-casual Mexican segment with barely positive sales.
No other bidders came forward to submit offers for the brand and there is no backup bid, according to bankruptcy court documents. A hearing for an approval of the final sale is expected to take place on Monday, Aug. 5.
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