TDM IP Holder, LLC.
Taco del Mar
TypePrivate
IndustryRestaurant
FoundedJune 8, 1992 (1992-06-08) in Seattle, Washington, U.S.
FounderJames and John Schmidt
Headquarters
Denver, Colorado
,
U.S.
Number of locations
Decrease 66 (2022)
Area served
United States and Canada
Key people
Tim Casey (CEO)
ProductsMexican cuisine
RevenueIncrease US$29 million (2019)
OwnerHigh Bluff Capital Partners
Number of employees
1,420 (2021)
ParentREGO Restaurant Group
Websitewww.tacodelmar.com

TDM IP Holder, LLC. , doing business as Taco Del Mar, is a Denver, Colorado-based Mexican fast casual restaurant chain that specializes in coastal Mexican cuisine. The first Taco Del Mar was opened in Seattle on June 8, 1992, by brothers James and John Schmidt. After a high of 260 locations in 2010, it has downgraded to only 66 locations in the United States and Canada. It is known for its relaxed, seaside-themed decor inspired by the beaches of Baja California.

The name "Taco del Mar," ("taco of the sea" in Spanish), refers to the chain's original specialty – Baja fish tacos. Like the larger Subway chain, customers direct the preparation of their meal, requesting ingredients along an assembly line. A standard selection of Fresh Mex ingredients is available, including wheat, flour, tomatoes, or spinach tortillas, and fish, beef, pork, or chicken.

In 2018, Taco Del Mar was acquired by High Bluff Capital Partners.

Executive resignations

In November 2007, Taco del Mar Franchising Corp President David Huether resigned.[1] Less than one month later, Neal Hollingsworth, Taco del Mar's VP of Franchising Sales also resigned and left the Seattle/Tacoma area.[2]

2008 explosion in Vancouver

During the early morning hours of February 13, 2008, a Taco del Mar franchise in Vancouver, British Columbia, was destroyed by a large explosion which damaged several nearby businesses. Police confirmed that the blast was caused by an arsonist who had placed an accelerant inside the restaurant, then set it on fire.[3] Vancouver-area police later arrested Kamal Jeet Singh Josan,[4] suffering from burns to over 40% of his body.[5] The motive for this act was not publicly known.[5] In April 2009, charges against Josan were stayed due to lack of evidence. Prosecutors took up the file again in January 2010, and Josan pleaded guilty to one charge of arson on March 14, 2011.[6][7] Josan was sentenced to two years of house arrest on June 13, 2011.[8]

2010 bankruptcy filing

On Friday, January 22, 2010, Taco del Mar filed for Chapter 11 bankruptcy protection in Seattle. Among its major creditors were Suzanne Todd, a franchisee in Maryland, with a disputed claim for $500,000; Paul & Shahnaz Hendifar, with a $125,416 judgment entered in Texas; Canada Revenue Agency, with a $105,324 tax claim, and the city of Seattle, with a $95,289 claim for taxes.[9]

Taco del Mar was auctioned in a bankruptcy sale on September 30, 2010, and the winning bid of $3.25 million came from Connecticut company Franchise Brands LLC.[10] Franchise Brands was created in 2005 by Fred DeLuca and Peter Buck, the founders of Subway restaurants. Both Subway and Franchise Brands LLC are based in Milford, Connecticut.

On July 10, 2018, Taco del Mar was sold to High Bluff Capital Partners, the owners of Subway's longtime competitor Quiznos.[11]

References

  1. ↑ "Taco Del Mar's president steps down". The Seattle Times. 10 November 2007. Retrieved 17 September 2015.
  2. ↑ "Another executive leaving Taco Del Mar". seattlepi.com. 20 November 2007. Retrieved 17 September 2015.
  3. ↑ "Canada - News - Winnipeg Sun". winnipegsun.com. Retrieved 17 September 2015.
  4. ↑ Surrey Leader: New twist in Taco del Mar arson case
  5. 1 2 CBC: Vancouver police ID suspect in taco shop arson, Owners still wondering why their restaurant was targeted
  6. ↑ "Surprise guilty plea in fast food restaurant blast". British Columbia. 14 March 2011. Retrieved 17 September 2015.
  7. ↑ "Suspect pleads guilty in Broadway explosion". cbc.ca. 14 March 2011. Retrieved 17 September 2015.
  8. ↑ Sheila Reynolds. "Two years house arrest for arsonist". Surrey Leader. Retrieved 17 September 2015.
  9. ↑ "Taco Del Mar files for bankruptcy". Puget Sound Business Journal. Retrieved 17 September 2015.
  10. ↑ "Taco Del Mar goes to Conn. firm in bankruptcy auction". The Seattle Times. 1 October 2010. Retrieved 17 September 2015.
  11. ↑ "Taco Del Mar acquired by High Bluff Capital Partners". www.fastcasual.com. 2018-07-10. Retrieved 2018-07-12.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.