Pappas Restaurants to buy bankrupt On The Border Mexican Grill: 'A natural fit'
Pappas Restaurants to buy bankrupt On The Border Mexican Grill: 'A natural fit'
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Despite filing for bankruptcy, Hooters vows to stay open
Hooters, the restaurant chain known for its wings and all-female waitstaff in signature orange uniforms, has filed for Chapter 11 bankruptcy. Despite the filing, the brand insists it's not going anywhere.
unbranded - Newsworthy
The party might not be over for On The Border Mexican Grill & Cantina.
On May 7, Texas-based Pappas Restaurants announced that it had won the auction, subject to court approval, to buy the bankrupt restaurant in the coming weeks.
"We're excited to welcome On The Border to the Pappas family," Mike Rizzo, CEO of Pappas Restaurants, said in a news release. "On The Border is a brand with deep heritage and loyal guests, and we see tremendous opportunity to invest in its future. Our shared Texas roots and passion for hospitality make this a natural fit."
Back in March, On The Border (OTB) filed for Chapter 11 bankruptcy, citing difficult economic conditions, labor shortages, underperforming restaurants and creditor enforcement actions.
OTB Holdings Chief Restructuring Officer, Jonathan Tibus, said the company had been affected by "macroeconomic factors."
"On The Border has been weighed down in recent years by macroeconomic factors that have negatively impacted the Company. Casual dining restaurants are acutely impacted by consumer sensitivities to eating out versus staying in," Tibus said in court records obtained by USA TODAY.
Tibus added that the company, along with debtors, decided in late February to close 40 "non-performing" stores.
Pappas expands holdings
With On The Border Mexican Grill & Cantina being bought out by Pappas Restaurants, it will join Pappadeaux Seafood Kitchen, Pappasito's Cantina, Pappas Bar-B-Q and Pappas Bros. Steakhouse as part of the restaurant's holdings.
"On The Border has always stood out for its energy and bold flavors—it's a brand we've known and respected for years," Chris Pappas, co-owner of Pappas Restaurants, said. "This gives us the chance to bring our passion for Tex-Mex to more guests, and we're excited to build on what makes both brands special."
Fernando Cervantes Jr. is a trending news reporter for USA TODAY. Reach him at fernando.cervantes@gannett.com and follow him on X @fern_cerv_.
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