Beloved Restaurant Chain That Went Bankrupt 20 Years Ago Is Coming Back

So many stories about restaurant chains lately have been reporting that locations are closing or that the company is going bankrupt, but that's not the case for every restaurant. In fact, a beloved Mexican food chain that went bankrupt 20 years ago just announced plans to return to serving food again.

Chi-Chi's, which filed for Chapter 11 bankruptcy in 2003, will be reopening for business next year. Michael McDermott, the son of Chi-Chi's co-founder Marno McDermott, worked out an agreement with Hormel Foods, which currently owns the restaurant's trademark.

In a statement for the newly formed Chi-Chi's Restaurants LLC, Michael said, "I still have fond memories of growing up in the Chi-Chi's restaurants that my father built throughout their time, instilling in me the passion and determination to pursue my own career in the restaurant industry. We have seen the impact our restaurant has had on individuals and families across the country and believe there is a strong opportunity to bring the brand back in a way that resonates with today's consumer – an updated dining experience with the same great taste and Mexican flavor."

Chi-Chi's was founded in Minneapolis in 1975 by McDermott as well as Green Bay Packers player Max McGee. It grew to 200 locations across the country and was sold multiple times before a devastating Hepatitis A outbreak at a Chi-Chi's near Pittsburgh took a huge toll on the company after 660 people got sick and four died. In 2004, Chi-Chi's, facing financial struggles and lawsuits from 300 people, shuttered it's remaining 65 locations and closed down the business.

No word yet on where the new locations will be but per the statement, they will feature the "classic Chi-Chi's restaurant experience with modern influences."