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]
Sign up for Inside TIME. Be the first to see the new cover of TIME and get our most compelling stories delivered straight to your inbox.
