TIME Food and Beverage Industry

Quiznos Files for Bankruptcy

A veggie sub from Quiznos.
A veggie sub from Quiznos. Carlos Osorio—Toronto Star/Getty Images

The company, which oversees almost 2,100 franchise locations around the world, filed for bankruptcy protection Friday, but will continue to serve toasted subs to customers. It's planning a reorganization to cut more than $400 million in debt

The sandwich chain Quiznos filed for Chapter 11 bankruptcy protection Friday, but said it would continue operating as it cuts into its heavy debt.

The company had tried to set itself apart with toasted subs. It oversees almost 2,100 franchise locations worldwide and will continue to toast those subs as it cuts more than $400 million in debt and makes improvements for the future, the Wall Street Journal reports.

The bankruptcy filing has been in the making for two years, the Journal reports. Quiznos, which has a reputation for high operating costs among franchise owners, has had to shutter thousands of stores.

[WSJ]

Your browser, Internet Explorer 8 or below, is out of date. It has known security flaws and may not display all features of this and other websites.

Learn how to update your browser
Follow

Get every new post delivered to your Inbox.

Join 45,794 other followers