Bankruptcy Law, Credit, Timothy Kingcade Posts

Quiznos Files for Bankruptcy

First Sbarro now Quiznos- it’s been a tough week for fast food chains. Executives at the chain restaurant, known for its toasted sandwiches, agreed to a restructuring plan that will reduce its debt by more than $400 million.

The company has lined up $15 million from investors to help keep the business running during the bankruptcy. All but seven of Quizno’s 2,100 restaurants in the U.S. and 30 other countries are independently owned by franchises, will remain open and operating as usual.

Quiznos once had more than 5,000 stores and was a competitive player in the sub market. But now, Subway has nearly 20 times the number of stores. Quizno’s CEO, Stuart Mathis has devised a plan of action that will help increase sales for its franchise owners moving forward. This strategy will look to reduce food costs, invest in local advertising, and in some circumstances, make loans available for restaurant improvements.

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