Business & Tech
Quiznos Files for Bankruptcy
Just days after Sbarros filed for protection from creditors, Quiznos does the same.
Denver-based sandwich chain Quiznos Corp. filed for bankruptcy protection Friday, after flailing under the strain of great debt and heightened competition.
The chain, which has a location at 10648 S. Cicero Ave. and touts being the first to offer toasted subs, hopes to reduce its debt by $400 million with a restructuring, Chicago Tribune reports.
Just a few days prior, mall pizza chain Sbarro's filed for Chapter 11 protection from creditors.
“It's a survival of the fittest,” Bob Goldin, executive vice president at Chicago-based restaurant researcher Technomic Inc., told the Tribune. “The market is not growing, or it's barely growing, so the weak players are getting weeded out.”
Quiznos's debt exceeds $500 million, as listed in Chapter 11 documents filed Friday in U.S. Bankruptcy Court in Wilmington, Del. The company will try for a $15 million loan to keep operations rolling as it restructures.
Quiznos has locations in all 50 states and 34 countries.
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