Cano’s LJC Restaurants Files for Protection Under Chapter 11

LJC Restaurants, owned by restaurateur Larry Cano, has filed for protection under Chapter 11 of the U.S. Bankruptcy Code.

The company, based in Newport Beach, operates two restaurants there: Cano’s Waterfront and Corona Cafe. In its filing Friday in U.S. Bankruptcy Court in Santa Ana, LJC listed $3 million in assets and $700,000 in debts. The filing specified $200,000 owed to secured creditors and $500,000 owed to unsecured creditors.

An LJC Restaurant spokesman said Wednesday that Cano had no comment on the filing. Both of the company’s restaurants remain open. “It’s business as usual for customers,” the spokesman said.

Cano has been on the Orange County restaurant scene for decades, having developed the El Torito and El Torito Grill concepts.

While Cano would not comment Wednesday on the bankruptcy filing, earlier this month he said that the economy has stalled business at most Newport Beach restaurants. Cano also predicted that business would get tougher because of new federal tax law changes that reduce the deduction for business meals to 50% from 80%.