The post-pandemic economy continues to wreak havoc on restaurant chains around the country. The latest victims are Abuelo’s, a Mexican restaurant chain, and its parent company, Food Concepts International (FCI), in Lubbock, Texas.
Abuelo’s filed for Chapter 11 bankruptcy on Tuesday, reporting debts and liabilities between $10 million and $50 million. FCI filed for Chapter 11 bankruptcy on the same day and has requested that the court consolidate its cases, according to Restaurant Business, which first reported the news.
According to Nation Restaurant News, James Young opened a Chinese restaurant in 1975 in Amarillo. When a competing Chinese restaurant opened nearby, Young had to pivot his concept. He, Chuck Anderson and Dirk Rambo opened the first Abuelo’s in its place in 1989. The chain reportedly had 26 locations across eight states in 2023 (and apparently 40 at its height, according to RB), and was reportedly a favorite for Texas Tech students and alumni…