On The Border closes 40 restaurants; chain files for bankruptcy
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 filed for Chapter 11 bankruptcy protection this week after closing dozens of restaurants last month, court documents show.

At the time of filing, On the Border had 60 company-operated restaurants and listed estimated assets and estimated liabilities between $10 million and $50 million. According to court records, the company has more than $19 million in “prepetition-funded debt.”

OTB Holdings Chief Restructuring Officer Jonathan Tibus said the bankruptcy had been brought upon by difficult economic conditions, labor shortages, underperforming restaurants, and creditor enforcement actions, according to records viewed by USA TODAY.

In the same filings, Tibus said the company, along with debtors, had decided in late February to close 40 "non-performing" stores.



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