The automotive aftermarket sector has faced significant economic distress in the last year, with several auto parts retailers and manufacturers filing for bankruptcy protection to reorganize their businesses.

It's the latest restaurant chain to undergo restructuring, which will see it move from mostly company-owned to franchisee-owned locations.

Earlier this month, On the Border Mexican Grill & Cantina filed for Chapter 11 bankruptcy protection after closing dozens of restaurants in February. In recent months, there's also been bankruptcy filings from TGI Fridays and Red Lobster.