Today the Mexican cuisine, casual-dining restaurant chain Real Mex filed for Chapter 11 bankruptcy. Real Mex has nearly 200 locations in a dozen states and employs about 11,000 part-time and full-time employees.

The restaurant began to have financial troubles after the economy took a major downturn in 2008 and less people began eating out. In 2008, its annual revenue was $553 million and went down to $500 million the next year, and then down again to $478 million in 2010.

Real Mex is hoping to hold an auction by early 2012. Among the chain's debts includes $37.6 million to General Electric, $36 million in interest and principal, and $34 million to suppliers, vendors, and trade creditors.

If your business is considering filing for Chapter 11 bankruptcy, contact the Maryland Chapter 11 bankruptcy lawyers of Chaifetz & Coyle, P.C. at 443-546-4608 today.