70 Jack In The Box Restaurants Close, Re-Open
Long time Jack in the Box Inc.Abe Alizadeh suddenly and temporarily closed 70 Jack in the Box restaurants in Northern California, before re-opening Friday, the San Diego-based restaurant company reported in a news release.
The 70 Northern California Jack in the Box locations reopened Friday afternoon after Alizadeh filed for Chapter 11 bankruptcy protection for the four corporate entities that operate them, spokesman Scott Rose said.
The restaurants closed Thursday with little warning by Alizadeh, the Roseville-based, while he resolves tax issues with the state of California. Alizadeh is one of the largest in the company, Jack in the Box spokesman Brian Luscomb said.
“Our focus in the days ahead will be to return to normal business operations and to work cooperatively with our creditors to complete this process as quickly as possible,” Alizadeh said in a prepared release.
Alizadeh for much of the past decade with his company Kobra Development was an active real estate developer, building offices, retail parks and business centers. The real estate downturn caught the company in a highly leveraged position, and Kobra struggled over the past three years, filing for bankruptcy reorganization in November.