Denver-based sandwich company, Quiznos, has filed for pre-packaged bankruptcy protection. According to reports, the company has been having problems with business ever since Subway decided to step up their game. Hit the jump for the full story.
According to the Examiner, “Quiznos, a Denver-based company which went all out with its unique concept of toasting sub sandwiches, asserts that the restructuring would eliminate more than $400 million of its debt.”
They also state that of the company’s 2,100 restaurants, all but 7 are owned independently and operated by franchisees. Those independently owned will not be affected by the filing.
In a phone interview, Bob Goldin, the executive vice president at Chicago-based restaurant researcher Technomic Inc., said [that] “It’s a survival of the fittest. The market is not growing, or it’s barely growing, so the weak players are getting weeded out.”
Strictly business.
