Quiznos Files For Chapter 11 Bankruptcy Protection
DENVER (CBSDFW.COM/AP) — Local Quiznos sandwich shops will remain in business, but the Denver-based company that provides the franchise on Friday filed for Chapter 11 bankruptcy protection.
The company filed for bankruptcy protection to reduce its debt by more than $400 million. The toasted sandwich chain said Friday that it voluntarily filed to reorganize to implement a pre-packaged restructuring plan.
Quiznos says the move won’t affect its customers.
The company only owns and operates seven of the nearly 2,100 Quiznos restaurants. The rest are owned operated by franchisees and aren’t part of the bankruptcy proceedings.
It also says its distribution centers are open and fulfilling orders.
Quiznos says the restructuring plan has been approved by its creditors so it expects to emerge from restructuring quickly.
(©2014 CBS Local Media, a division of CBS Radio Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)
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