Quizno’s Files for Chapter 11 Bankruptcy

$500 million in debt the worst thing to happen to the chain since sliced bread. Photo: Justin Sullivan/Getty Images

The Denver Post reports that Quizno’s has filed for bankruptcy, a move that is expected to ease a listed debt of $500 million by more than $400 million. Fans of the chain’s "toasted" subs (and/or its beleaguered ‘00s-era spokes-creatures) will be pleased to know that there aren’t expected to be any closings among the chain’s 2,100 stores, which are mostly franchised. This isn’t the first time Quizno’s has gotten into trouble with mounting debt, unhappy franchisees, and poor sales, and earlier reports indicated that the fast-casual chain was negotiating a deal with creditors. Competitor Sbarro filed for a second bankruptcy this week, in a move that experts say is an indication that someone is really out to get all of the places you used to go after hitting the mall back when you were a teenager. [Denver Post, Related]