Well-Known Restaurant Chain With 4 New Jersey Locations Announces Bankruptcy

This well-known restaurant chain recently shut down 40 locations nationwide, including one in Toms River at Ocean County Mall, and has now filed for bankruptcy.

This has left many in New Jersey wondering if the remaining locations in the Garden State will eventually follow suit.

There are only 4 left in the state, located in Mount Laurel, Paramus, Princeton, and New Brunswick.

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It opened its first location in Texas back in 1982 and now has about 80 locations left in 26 states, according to reports.

Read More: Apply Now! Popular New Jersey Convenience Store Hiring Summer Positions At The Jersey Shore

This comes after several restaurant chains have filed for bankruptcy protection,  including:

Red Lobster

TGI Fridays

Buca di Beppo

Hooters

Red Robin has also been in the news recently, as they're expected to close several locations throughout the country due to financial problems.

This latest restaurant chain recently announced its filing for bankruptcy, highlighting the financial struggles many restaurant chains are facing amid rising inflation.

On the Border Mexican Grill & Cantina Files For Bankruptcy

On the Border Mexican Grill & Canitina has said in a press release that it has debts of around $19 million and a sale of its assets should be completed soon.

"Restructuring is the best path forward to 'address several financial and operation challenges and to emerge stronger and re-focused on our growth,' Chris Rockwood, the company's president, said in a release," according to the Courier Post.

The Courier Post reports:

In court papers, the chain noted it has been "weighed down" in recent years by inflation, with menu prices rising faster than grocery prices, causing more customers to stay in rather than dine out.

Rising hourly minimum wages in many states outpaced the chain's ability to increase prices, the chain said.

I'll continue to keep you posted on the future of the 4 New Jersey locations.

Hopefully, they'll remain open.