facebook
twitter
rss
account
search
search
 

Quiznos sandwich chain files pre-packaged bankruptcy

March 15, 2014 at 12:04 PM   |   Comments

WILMINGTON, Del., March 15 (UPI) -- Sandwich shop chain Quiznos has filed for Chapter 11 bankruptcy in Delaware, becoming the second restaurant chain to do so this week, officials said.

The bankruptcy filing will cut Denver-based Quiznos' debt by more than $400 million, the Wall Street Journal reported.

"The actions we are taking are intended to enable Quiznos to reduce our debt, execute a comprehensive plan to further enhance the customer experience, elevate the profile of the brand and help increase sales and profits for our franchise owners," Stuart K. Mathis, Quiznos's chief executive, said Friday in a release.

Quizno's senior leadership already secured a "pre-packaged" restructuring plan with its creditors and on Friday asked the court in Wilmington, Del., to approve the plan at an April 24 hearing.

On Monday, New York-based pizza chain Sbarro filed for bankruptcy in New York City, the Los Angeles Times reported. This was the second time in three years that Sbarro has filed for bankruptcy.

© 2014 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
IS oil smugglers will feel wrath, Kurdish leader says IS oil smugglers will feel wrath, Kurdish leader says
2
Outrage over FERC decision on LNG exports Outrage over FERC decision on LNG exports
3
Gas ball in Ukraine's court, Kremlin says Gas ball in Ukraine's court, Kremlin says
4
Exxon says it's safe from Russian sanctions Exxon says it's safe from Russian sanctions
5
New oil pipeline online for Permian shale New oil pipeline online for Permian shale
Trending News
x
Feedback