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TACO DEL MAR Franchise Co. Sold at Bankruptcy Auction

By admin on October 3, 2010

Bankrupt Taco Del Mar was sold at auction last week, and Connecticut-based Franchise Brands had the winning bid of $3.25 million.

The sale of the Mexican food chain operator and franchisor must still be approved by a bankruptcy judge.  Taco Del Mar has lost money for several years, and now has debt in excess of $3 million.

Taco del Mar is an example of an aggressively promoted franchise concept that grew fast and crashed hard.  The Seattle-based quickservice restaurant chain grew from 74 locations in 2003 to 270 locations in 2008.  More than 200 shops closed between 2005 and 2009.

According to a filing in U.S. Bankruptcy Court, Taco Del Mar owns roughly 22 corporate stores in the U.S., Canada and Guam.  According to a recent company press release, “Taco Del Mar can be found in more than 200 locations.”

According to its website, Franchise Brands was founded “To acquire an interest in a diverse portfolio of businesses and expand them
through franchising.”

According to FranchiseBrandsLLC.Com:

Based in Milford, CT, Franchise Brands, LLC was created in 2005 with the support and guidance of the founders of SUBWAY® restaurants. It was founded on a basic principle: to invest in small and mid-market companies with experienced management. Companies may currently be franchising or demonstrate the potential to do so.

ARE YOU FAMILIAR WITH THE TACO DEL MAR FRANCHISE?  WHAT DO YOU THINK?  SHARE A COMMENT BELOW.

Sources:  Seattle Times, FranchiseBrandsLLC.Com

Contact UnhappyFranchisee.com:  UnhappyFranchisee[at]gmail.com

Posted in ALL | Tagged franchise news

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