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]
More Must-Read Stories From TIME
- Inside the Massive Effort to Change the Way Kids Are Taught to Read
- Dubai's Real Estate Market is Booming. One Company is Making It Possible to Invest From Anywhere in the World
- How to Exercise When It's Really Hot Outside
- A New Documentary Sheds Light on a Pivotal Movement in Asian American History
- Far From Home: Afghan Women are Attempting to Build New Lives Abroad
- What Experts Say About How Valuable The Inflation Reduction Act's Green Subsidies Will Be
- What to Know About Long COVID in Kids
- Want to Do More Good? This Movement Might Have the Answer
Read More From TIME