By Sam Frizell
The pizza restaurant chain Sbarro filed for bankruptcy Monday for the second time in less than three years.
The Melville, N.Y.-based company has between $100 million and $500 million in assets and liabilities, according to court papers, which it signed over along with 30 affiliates for Chapter 11 protection from creditors with the U.S. Bankruptcy Court in Manhattan. The pizza chain previously filed for bankruptcy in April 2011.
Sbarro said last month it would cut costs by closing 155 of its around 400 restaurants it owns in North America.
[Reuters]
More Must-Reads From TIME
- Why We're Spending So Much Money Now
- The Fight to Free Evan Gershkovich
- Meet the 2024 Women of the Year
- John Kerry's Next Move
- The Quiet Work Trees Do for the Planet
- Breaker Sunny Choi Is Heading to Paris
- Column: The Internet Made Romantic Betrayal Even More Devastating
- Want Weekly Recs on What to Watch, Read, and More? Sign Up for Worth Your Time
Contact us at letters@time.com