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.
Recommended UPI Stories
Featured UPI Collection
trending
Notable deaths of 2014 [PHOTOS]

Notable deaths of 2014 [PHOTOS]

Most Popular
1
Tony Hayward: Kurdish oil sector open for business Tony Hayward: Kurdish oil sector open for business
2
Textron's G-CLAW on target in live-fire demonstration Textron's G-CLAW on target in live-fire demonstration
3
Pay up, Gazprom tells Ukraine Pay up, Gazprom tells Ukraine
4
$3 gas could make a comeback $3 gas could make a comeback
5
Starbucks testing smaller Frappuccinos Starbucks testing smaller Frappuccinos
Trending News
Video
x
Feedback