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Causal dining chains had a pretty bad 2024 when it came to solvency issues. Major chains, including Red Lobster, TGI Fridays, and Roti, all filed for Chapter 11 bankruptcy protection last year. And 2025 doesnt seem to be fairing better for more restaurants. The latest restaurant chain to file for Chapter 11 bankruptcy protection is the Tex-Mex casual dining chain On The Border Mexican Grill & Cantina. Heres what you need to know about the companys bankruptcy filing. Why is On The Border filing for bankruptcy? On March 5, OTB Holding LLC, owner of the On The Border chain, announced it had voluntarily filed for Chapter 11 bankruptcy protection in Georgia. In the press release announcing the bankruptcy filing, the restaurant chain did not explicitly state why it filed for Chapter 11 protection. However, many casual dining chains have struggled with declining foot traffic in recent years as inflation-weary consumers opt to save money by staying home and cooking instead of eating out. On The Borders president, Chris Rockwood, said that the “restructuring is the best path forward for On The Border. It allows us to address several financial and operational challenges and emerge stronger and re-focused on our growth.” In a court filing with the U.S. Bankruptcy Court in the Northern District of Georgia, OTBs chief restructuring officer, Jonathan M. Tibus, said the company had faced a rapid loss of liquidity in recent months, which resulted in it having to quickly institute holds on vendor payments and rent payments to maintain cash. This, in turn, has led landlords and vendors to cut off service, withhold goods, repossess leased premises or exercise set-off rights, which resulted in the Company losing stores, additional operational challenges, and a severe liquidity crisis.” How many restaurants does On The Border have? According to the company, there are 80 On The Border restaurants across the United States and South Korea. A court filing reveals that the majority of those are in the United States. As the filing states, OTB currently operates 60 restaurants in the United States across 18 individual states. Are On The Border locations closing? The company hopes to continue operating. However, a court filing indicates that it has already closed at least 77 locations that were deemed underperforming or were expected to drive losses. On The Border has asked a court to allow it to reject the leases on these locations The list of locations it has closed spans 24 states: Arizona, Arkansas, Colorado, Connecticut, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Maine, Maryland, Massachusetts, Michigan, Mississippi, Missouri, New Jersey, New York, North Carolina, Ohio, Oklahoma, Pennsylvania, Texas, Virginia. “The Debtors are no longer occupying, nor have use for, the Leased Premises,” the court filing states. By filing for Chapter 11 bankruptcy protection, the company hopes to restructure itself and look for a buyer who would presumably keep operating the brand. In the companys press release announcing its Chapter 11 filing, OTB stated, The Company intends to use the proceedings to drive operational improvements and pursue a sale of substantially all of its assets.” The company also said that its remaining locations will remain open and operating as normal throughout the Chapter 11 process. What about On The Border employees? According to court documents, On The Border currently employs about 2,800 workers. Of those, 375 are full-time hourly employees and 216 are full-time salaried employees. The remaining 2,210 workers are part-time hourly employees. The court documents state that the company has filed first day relief pleadings in which it seeks permission to keep paying workers wages.
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E-Commerce
China will not yield to bullying and its economy can weather higher tariffs imposed by U.S. President Donald Trump and other challenges, the Chinese commerce minister said Thursday, though he added that there are “no winners in a trade war.”Speaking on the sidelines of the annual session of China’s national congress, Wang Wentao reiterated Beijing’s calls for talks. Coercion and threats are bound to fail, he said, noting that China’s role as a main trading partner of 140 nations means it has plenty of options. Wang and other officials outlined Beijing’s strategies for building its economy and financial markets, but did not announce any major new initiatives.Here are some highlights: China is open to talks, but will fight US tariffs The Trump administration has raised tariffs on imports from China twice since taking office in January. China has hit back with duties and other restrictions on American goods and companies. Wang said China expects mutual respect in its dealings with other countries.“Coercion and threats will not work on China, nor will they scare China. China’s determination to defend its own interests is unswerving,” Wang said, adding that “there are no winners in a trade war.”“If the American side goes further down this wrong path, we will continue to respond in kind,” he said. “We will fight to the end.”Still, he stressed that China is open to resolving differences over trade. “Our two sides can meet at an appropriate time and our teams can also have communication as early as possible,” he said.Blaming China for the U.S. fentanyl problemTrump’s stated reason for imposing 20% tariffs on all imports from Chinawon’t solve the problem, he said. China has other options for global trade China is the main trading partner of 140 countries and regions and has free trade agreements with more than 30 countries, Wang said.“We are ready to sign more FTA,” he added.Wang acknowledged that Chinese exporters face serious challenges but said Beijing is encouraging companies to participate in trade shows and to expand globally. The Chinese government is also expanding its financial support for export credit and hopes to increase trade in services and e-commerce.“We do not put all our eggs in one basket,” he said. Supporting more consumer demand and business investment A slump in China’s housing market and lackluster share prices, scant social welfare and job losses since the COVID-19 pandemic have weighed on China’s economy, dragging on growth.Zheng Shanjie, head of the National Development and Reform Commission, China’s main national planning agency, acknowledged that forecasts for economic growth for 2025 tend to be around 4.6% to 4.8%, below the government’s target of “around 5%.”Zheng said the government is drafting a “specialized plan of action” to encourage more consumer spending and investment. He did not provide specific details.China will spend more on “livelihood and consumption,” Finance Minister Lan Fo-an said, promising more help for deeply indebted local governments and bigger investments in education, social security and public health.“We will make sure that every coin is well spent,” Lan said, adding that “the central government has left ample room for policy to be implemented.” Elaine Kurtenbach, AP Business Writer
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E-Commerce
Robert Rodriguez wants to give you a cut of the actionin more ways than one. The director, writer, and producer behind movies including El Mariachi, From Dusk Till Dawn, Spy Kids, and Sin City recently announced Brass Knuckle Films, a new initiative inviting fans to become investors in action films. Powered by global investment platform Republic, Brass Knuckle Films will allow everyday fans to back projects from Rodriguez’s production company Troublemaker Studios, share in the profits, and access perks including exclusive previews, set visits, discussions with Rodriguez and his creative team, and even the chance to have their own idea made into a movie. Each Brass Knuckle Films investor will have the opportunity to submit a movie concept, which Rodriguez and his team at Troublemaker Studios will review based on originality, feasibility, and market potential. Ten finalists will be selected to pitch their concepts directly to Rodriguez, who will choose one to be developed into a full-length feature as part of the Brass Knuckle Films slate. When I talk to studio execs, they’re like zombies in suits. They don’t watch movies. They’re not fans of movies. They’re in it for a business, says Rodriguez, cofounder of Brass Knuckle Films. You talk to a fanyou see the passion. They should be making the money. Brass Knuckle Films is coming to the scene behind a similar company Legion M that launched in 2016 and billed itself as the worlds first fan-owned entertainment company. What could set Brass Knuckle Films apart is Rodriguez himself whos built something of a cult fandom from his body of work, as well as how streamlined his Austin, Texas-based production company, Troublemaker Studios, operates with him as the writer, director, producer, and editor of his projects. Studios have never made things efficient, says Alexis Garcia, cofounder of Brass Knuckle Films. So if you can offer [efficiency with] less cooks in the kitchen or because you own and control more of the food chain to making movies like we do with a studio here, that’s a value that nobody would argue with. Whats also unique about Brass Knuckle Films is its specific focus on action films. Not only is it Rodriguezs go-to genre, its what hes seeing is in high demandand that he could fill quickly and profitably. Rodriguez recalls a conversation with an executive at Netflix a few years ago where he was told the streamer needed more family films. Rodriguez took the prompt and wrote, directed, and produced the 2020 film We Can Be Heroes. To this day, the film remains in the top 10 most popular Netflix films globally. Now when I ask, what do you need?, [studio executives] say, action, action, action. We just don’t have enough action movies, Rodriguez says. There’s such an appetite for these movies. [Studios] don’t care where they come from as long as they come. They can’t make them fast enough and they don’t know how to make them efficiently. So you’re solving their problem. At the core of Brass Knuckle Films is Rodriguezs desire to amplify his indie approach to action filmmaking and to give fans more equity in movies theyre ultimately supporting at the box office or by hyping them up on social media. If it’s going to end with the fans anyway with them watching the movie, let’s begin with the fans and let them be a part of it, get a piece of the action, Rodriguez says. They’ll be more motivated to go tell their friends to go watch it because they’ll make more money. Democratizing and demystifying has always been a part of my DNA as an independent [filmmaker], he adds. Now I want to do that with an audience.
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E-Commerce
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