Irvine-based Mexican fast food chain El Pollo Loco Inc. on Thursday pulled its $135 million initial public offering, citing tough market conditions for restaurants.
El Pollo Loco filed plans to go public in May.
Now “market conditions make it inadvisable to proceed with the offering at this time,” the company said.
While Wall Street is enjoying a rally, restaurants haven’t joined in the party. They’ve been hit by concerns about consumer spending amid high oil prices, which only recently have eased some.
Chipotle Mexican Grill Inc. of Denver, which spun off from McDonald’s Corp. in January, is trading higher than its debut but is off more than 15% since its spring high.
New York’s Trimaran Capital Partners LLC bought El Pollo Loco last year for an estimated $400 million.
