Zio’s Restaurant Company has filed for bankruptcy and intends to close its Albuquerque location, according to court documents.
The Texas-based company operates Zio’s Italian Kitchen at 10041 Coors NW, near Cottonwood Mall. That is one of five sites the chain reported in court filings that it intended to close amid its current financial struggles.
The company, which has 15 restaurants and about 875 employees, said in a filing it has been “adversely impacted by the overall weakness in the casual dining environment,” and cited competition from fast-casual restaurants.
It also said declining oil and natural gas prices have hurt revenues, since its locations are “centered around the area of the United States impacted the most by changes in oil prices.”
Zio’s has restaurants in Texas, Oklahoma, New Mexico, Missouri, Kansas and Colorado.
The company is seeking court approval to close five locations: Albuquerque, Independence, Mo.; and three in Texas: Humble, Webster and San Antonio.
Zio’s representatives did not return messages seeking official comment about the fate of the company’s Albuquerque location.