Getting your player ready...
DENVER—Denver-based Quiznos has filed for Chapter 11 bankruptcy protection to reduce its debt by more than $400 million.
The toasted sandwich chain said Friday that it voluntarily filed to reorganize in order to implement a pre-packaged restructuring plan.
In its announcement, Quiznos said it expects operations, including its distribution centers, to continue working normally during the restructuring process.
The company only owns and operates seven of the nearly 2,100 Quiznos restaurants. The rest are owned operated by franchisees and aren’t part of the bankruptcy proceedings.
Quiznos says the restructuring plan has been approved by its creditors so it expects to emerge from restructuring quickly.
