Chevys LA-Based Parent Company Files for Bankruptcy | Eater LA

"This established Southern California sit-down Mexican chain is part of a restaurant group that recently filed Chapter 11 and will sell its assets to Z Capital Group, which will assume significant liabilities (reported between $100 million and $500 million); the company states that restaurants will remain open during the acquisition. The parent has undergone prior restructuring, including a 2012 bankruptcy, multiple CEO changes, rebranding and the closure of many locations, and now confronts declining foot traffic as diners shift toward fast-casual formats. Although eleven franchisees were reported as unaffected, it is unclear which individual franchise locations will persist." - Mona Holmes