Tijuana Flats files for bankruptcy, announces new ownership [Video]

MAITLAND, Fla. — Florida-based Tex-Mex restaurant chain Tijuana Flats has filed for Chapter 11 bankruptcy after announcing it is under new ownership, according to a business release.

The company cited brand recognition, strong following, customer loyalty and future potential as reasons to invest in the restaurant.

“Our company is excited by the new ownership group’s plan to reinvest, focus and emphasize the things that originally brought so many people to love Tijuana Flats,” Joe Christina, Chief Executive Officer of Tijuana Flats, said in a statement. “We understand the immediate financial actions taken by them to ensure the long-term health of this great and iconic brand.”

During Friday’s announcement, Tijuana Flats also announced its bankruptcy and has closed 11 restaurants. 

“Its executives said the sale and subsequent filing are the culmination of a strategic review that started …