A popular Mexican restaurant chain that once held a promising future with 40 stores across the U.S ., has filed for bankruptcy and downsized to just 16 locations.

Abuelo’s , a 36-year-old restaurant chain , owned by Food Concepts International, filed for bankruptcy earlier this month in the U.S. Bankruptcy Court for the Northern District of Texas.

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The chain listed assets and liabilities between $10 million and $50 million, court filings show.

Likewise, Abuelo’s parent company Food Concepts International filed for bankruptcy in early September and has asked that the cases be combined.

“This decision is a part of a strategic reconstructing process to strengthen our long-term financial posit

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