Quiznos has filed for Chapter 11 bankruptcy protection.The sandwich chain says the move will reduce the company's $570 million in debt by roughly $400 million.
Quiznos has nearly 2,100 restaurants in the U.S., down from about 5,000 in 2008. It was founded in Denver in 1981.
"The actions we are taking are intended to enable Quiznos to reduce our debt, execute a comprehensive plan to further enhance the customer experience, elevate the profile of the brand and help increase sales and profits for our franchise owners," Quiznos CEO Stuart K. Mathis said in a release. "We look forward to continuing to work with and support our global network of franchise owners, who are the backbone of our business."
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Reported by Business Insider 5 hours ago.