Restaurant chain On The Border is going bankrupt after factors such as inflation and labor costs reportedly weighed down on company finances.
Atlanta-based OTB Holdings LLC, owner of On The Border Mexican Grill & Cantina chain of Tex-Mex restaurants, has “voluntarily filed for relief under Chapter 11 of the Bankruptcy Code” in a Georgia court, the company said in a March 5 statement.
“The company intends to use the proceedings to drive operational improvements and pursue a sale of substantially all of its assets.”
The company clarified that On The Border restaurants will continue to operate as usual during bankruptcy proceedings.
On The Border operates 80 restaurants across the United States and internationally, according to a court document submitted by its chief restructuring officer, Jonathan Tibus. The restaurant “has been weighed down in recent years by macroeconomic factors” that have negatively affected its operations….