Skip to comments.Quiznos files for bankruptcy (tough week for fast food chains)
Posted on 03/15/2014 12:02:39 PM PDT by SeekAndFind
Quiznos has filed for bankruptcy protection, five days after the Sbarro pizza chain did the same.
Executives at the restaurant chain, known for its toasted sandwiches, agreed to a restructuring plan that will reduce its debt by more than $400 million, the company said in a statement Friday.
All but seven of Quizno's 2,100 restaurants in the United States and 30 other countries are independently owned franchises, and will remain open and operating as usual. Quiznos once had more than 5,000 stores and could have threatened rival Subway's hold on the sub market. But now, Subway has nearly 20 times the number of stores, with about 40,000 locations in 100 countries.
(Excerpt) Read more at money.cnn.com ...
They make shitty sandwiches (and small). Try Jersey Mikes - the real deal. I’m sure they’re doing great.
Importantly they are going Chapter 11, which is reorganization, not Chapter 7, which is liquidation.
From here there are two directions they could go. The first is that they can legitimately restructure their debt and continue operations. The other, however, is that their executives loot the company, and then when it is stripped to the bones, go Chapter 7, which rips off all their creditors and shareholders.
Given that Quiznos has been in a downward spiral for years, with other chains adopting their good idea of toasted sandwiches, and selling them at lower prices; and the state of the industry as a whole; it is likely that they are going to take the latter course.
While they might screw their franchisees, they might just cut them loose so they can join other franchise operations, or start their own business. They’ll probably screw them as well.
People don't have the money to purchase fast food.
Haven’t been in Quiznos for five years. THey kept me nourished on a cross-country drive back then, the only fast-food place I could get VEGGIES. They had a nice zucchini dish I ate from coast to coast. It’s not on their menu now. Perhaps they have financial trouble because they changed the menu to be more like everyone else.
Every time I think of Quiznos, I see that rat-like creature they shared with us in that memorable TV spot.
Around here, the Quizno's closed and the McDonald's parking lot is never over crowded. But at lunch, the line goes out the door at Chipolte, Panera, and a small chain sub shop DiBella's. What do the three have in common? Serious initiatives to provide what I call "pure food" and other healthy choices. Lunch costs about $8, but with an amount of food so large it can serve two, they're cheaper than Subway or McDonald's.
Tell me about Jersey Mikes - I go by those stores every day.
Bring back salt and beef tallow and McDonald’s will be roaring.
Perhaps they have financial trouble because you stopped eating their nice zucchini dish?
After that horrid little creature in their commercials, I’m surprised it took them this long to close the doors.
Didn’t Quizno’s spend an incredible amount of money promoting the sale of franchises? Maybe without market research or strong enough quality assurance. Bet the management who sold the franchises isn’t in any bankruptcy trouble!
Kind of hard to envision in a country that has almost 10 million Millionaires.
Maybe their food sucks.
Jersey Mike’s..,Think of one notch above Subway.
If there is a Firehouse Subs near you go there.
Jimmy Johns is good also.
I used to like Quiznos. Got turned off by their deceptive advertizing and inconsistent quality.
One store would be good, another lousy.
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