Rubio's files for bankruptcy days after closing 48 restaurants in California

> As it did several days ago, Rubio’s blamed its declining performance on what it said is the difficulty in doing business in California, where a recent wage hike to $20 an hour recently went into effect for fast food workers at larger chains.

> The current owner of Rubio’s, private-equity firm Mill Road Capital, acquired the company in 2010 for $91 million, a sale that transformed what had been a publicly traded company into a privately owned business.

Rubio's was sold to a private equity firm in 2020 (https://www.nrn.com/corporate/rubios-be-sold-mill-road-91m) in their first bankruptcy. This is their second bankruptcy.

I went to a Rubio's a couple years ago - the quality was abysmal, nearly inedible, and prices were high. In the before times (before private equity took over), Rubio's was actually pretty good and quite affordable. It was clear the new owners tried to over-optimize their supply chain, because the food became hot (not even hot most of the time) garbage.

Good riddance to them in this current form.

Their chipotle sauce was good I guess.