Official records claimed Abuelo\u2019s operated 16 restaurants in seven states when the bankruptcy first started. Now the restaurant chain\u2019s website lists 13 locations in six states.<\/p>\n
The company already has permission to auction off the property from The Colony and Wichita. Abuelo\u2019s is seeking court approval to do the same in Tulsa.<\/p>\n
The Tulsa assets have \u201ca fair market value between $10,000 and $50,000\u201d based on the results of other recent sales at recently closed locations, court records said.<\/p>\n
A local bank and a food supplier have liens on the Tulsa property. Abuelo\u2019s asked permission to abandon its lease in Tulsa. An order from the judge is still pending.<\/p>\n
At its peak, it had close to 40 restaurants in 13 states. The Lubbock location remains open as do seven others in Texas. The company has locations in Arizona, Arkansas, Florida, Kansas and South Carolina.<\/p>\n
\u201c[Abuelo\u2019s] operations have been impacted by a significant drop in sales, rising food and labor costs, continued staffing challenges and changes in consumer preferences,\u201d an updated bankruptcy document claimed.<\/p>\n
Abuelo\u2019s obtained emergency financing from two of its investors and hopes to restructure.<\/p>\n
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