Taco Bueno files for bankruptcy
Taco Bueno, which originated in Abilene in 1967, filed for Chapter 11 bankruptcy protection Tuesday, according to a news release from the company.
During the restructuring process, Taco Bueno expects to continue operating restaurants across Texas, Oklahoma, Arkansas, Kansas, Louisiana and Missouri, which includes restaurants independently owned and operated by franchisees that are not a part of the Chapter 11 proceedings.
The restaurant has one location on the north side of San Angelo, 330 W. 9th St., and another under construction on Sherwood Way near Chick-fil-A. They are owned by WesTex Bueno, LLC.
It does not appear the bankruptcy proceedings will have any immediate effect on the local restaurants, but long-term plans are unclear.
Taco Bueno was founded in 1967 in Abilene by Bill Waugh, a 1959 fine arts graduate from Abilene Christian University, in partnership with his brother Tom.
Taco Bueno announced Tuesday that it has a restructuring agreement with Taco Supremo LLC, an affiliate of Sun Holdings Inc.
Sun Holdings is a multi-concept franchisee based in Dallas with more than 800 locations across eight states, including Burger King, Popeyes, Arby's, Golden Corral and Krispy Kreme.
Upon Taco Bueno's completion of its restructuring, Sun Holdings intends to invest in remodeling Taco Bueno locations, increasing brand initiatives and enhancing the customer experience, the company news release said.
Under the terms of the reorganization plan, Sun Holdings would become the owner of Taco Bueno through a debt-for-equity swap.
"We are pleased to have reached this agreement with Sun Holdings on the terms of a financial restructuring that will strengthen our balance sheet and position our company for continued success. We also look forward to welcoming Sun Holdings as the new owner of Taco Bueno," said Omar Janjua, chief executive officer of Taco Bueno.