MRRC Holdings Co., the parent company of Rubio’s, has accepted a $40 million credit bid from The Original Fish Taco, LLC, an affiliate of TREW Capital Management Private Credit. This decision was disclosed in a Wednesday court filing with the U.S. Bankruptcy Court for the District of Delaware.
TREW Capital Management, founded by former BBQ Holdings CEO Jeff Crivello, specializes in distressed lending. Under Crivello's leadership, TREW Capital Management has focused on turning around distressed businesses. Crivello previously led Famous Dave's transformation into BBQ Holdings, which went on a multi-year acquisition spree before being acquired by MTY Holdings in 2022. TREW also loaned $2 million to BurgerFi, which is currently exploring strategic alternatives.
On May 31, 2024, Rubio's Coastal Grill confirmed the company had closed 48 underperforming locations in California, while keeping 86 locations open around California, Arizona and Nevada. Then a week later, news broke that Rubio's filed for bankruptcy for the second time in four years.
The $40 million bid primarily targets Rubio’s core operations in California and Arizona, which constitute the majority of its store count. MRRC canceled its proposed auction after receiving this bid and another separate bid for its Nevada locations. MRRC is still considering the Nevada bid, which covers eight of Rubio's 86 total units, and will not seek approval for that proposal at the sale hearing on August 5.After being inspired by the fried fish tacos he found in Baja's San Felipe, MX, during a trip during spring break, San Diego-native and SDSU-alum Ralph Rubio founded the first Rubio's restaurant in 1983 at a former Orange Julius site on Mission Bay Drive in the Pacific Beach area of San Diego. Since then, the chain ballooned to a high of over 200 locations and sold more than 200 million fish tacos. The company is now headquartered in Carlsbad, CA.
For more information about Rubio's Coastal Grill, visit rubios.com.
