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Sbarro Pizza Preparing Chapter 11 Filing
Wall Street Journal ^ | 04/01/2011 | MIKE SPECTOR

Posted on 03/31/2011 6:31:01 PM PDT by iowamark

Sbarro Inc., the fast-food pizza chain that dots shopping-mall food courts, is preparing to file for Chapter 11 bankruptcy protection as soon as next week, said people familiar with the matter...

"Sbarro continues to work constructively with our key stakeholders to restructure our debt and position the company for long-term success," the company said. "Throughout this restructuring process, the company expects to continue to operate in the normal course and without interruption."

The company has been battered during the recession amid lower consumer confidence. Several months ago it warned of substantial doubt about its ability to continue as a going concern...

Sbarro, based in Melville, N.Y., employs about 5,000 people and started cutting jobs and closing stores in the wake of the global financial crisis...

The eatery was founded in the late 1950s when the Sbarro family opened a grocery store in Brooklyn, N.Y., offering homemade mozzarella, imported cheese, sausage and salami. Sbarro opened its first mall location in 1967 in Brooklyn's King Plaza Shopping Center, which marked its transition to fast-food service. It grew to operate more than 1,000 stores in some 40 countries, becoming a staple in malls and airports from Egypt and Israel to Japan and New Zealand.

Battered by the recession, however, the company closed more than 150 restaurants in the past two years. It showed a loss of about $29.3 million during the first nine months of last year on sales of roughly $239 million. For 2009 it reported a loss of $ 37.2 million. It had about $12.67 million cash and cash equivalents at the end of September.

The losses prompted the company in December to raise salaries and hand out bonuses for top executives and managers to keep them from leaving. Meantime, Sbarro's lackluster earnings caused it to violate debt terms.

(Excerpt) Read more at online.wsj.com ...


TOPICS: Business/Economy; Politics/Elections
KEYWORDS: economy; fastfood; obamanomics; pizza; sbarro
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1 posted on 03/31/2011 6:31:03 PM PDT by iowamark
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To: iowamark

I’m not surprised...Their pizza sucks big time.


2 posted on 03/31/2011 6:32:07 PM PDT by Emperor Palpatine (Tosca, mi fai dimenticare Iddio!!!)
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To: Emperor Palpatine

And you can get a whole pizza anywhere for the price of two of their slices. The Butthats can’t fold fast enough for me.


3 posted on 03/31/2011 6:34:11 PM PDT by omega4179 (Did Obama promise to cut the availability of energy by 30% Coal Nuclear and Oil are just 30%?)
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To: iowamark

Never heard of it.


4 posted on 03/31/2011 6:35:40 PM PDT by org.whodat
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To: Emperor Palpatine

Greasy crap.


5 posted on 03/31/2011 6:36:04 PM PDT by rabidralph (http://www.conservativedna.com/)
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To: Emperor Palpatine

Yea, they announced that they would accept PESOS a few years ago.
Guess that worked out well?/S


6 posted on 03/31/2011 6:36:24 PM PDT by 9422WMR (Illegal is not a race. Obamacare is a crime)
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To: iowamark

Their pizza does gross me out. I have only eaten it a few times because it has been the only place, but I agree with others...it isn’t good.

Not that I want to see people lose their jobs, but failures are as much a part of a healthy capitalist environment as successes.


7 posted on 03/31/2011 6:37:14 PM PDT by rlmorel (Capitalism is the Goose that lays The Golden EggÂ…)
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To: iowamark

Really? Couldn’t sell enough slices of pizza with dog-food on it, eh?


8 posted on 03/31/2011 6:38:22 PM PDT by Antoninus (Fight the homosexual agenda. Support marriage -- www.nationformarriage.org)
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To: rlmorel

I should not have included the word “healthy”...we don’t have that in our economy.


9 posted on 03/31/2011 6:38:22 PM PDT by rlmorel (Capitalism is the Goose that lays The Golden Egg.)
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To: iowamark

“The losses prompted the company in December to raise salaries and hand out bonuses for top executives and managers to keep them from leaving”

And freepers wonder sometimes why people are sick of these companies.


10 posted on 03/31/2011 6:38:58 PM PDT by Tolsti2
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To: Emperor Palpatine

Heresy. For food court food, Sbarro’s rocks. Yes, it’s greasy. Yes it’s overpriced, but for those of us with fond memories of mall wandering in our youth, it was one of the best ways of spending an allowance/odd job money you could have.


11 posted on 03/31/2011 6:39:57 PM PDT by garbanzo (You better hold on; This one's about to get bumpy.)
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To: iowamark
Ahhh. Mall food court pizza!

Only thing better is retail Soviet boxer shorts.

12 posted on 03/31/2011 6:40:06 PM PDT by SkyPilot
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To: Antoninus

You know...my dog loves pizza...and even HE turns up his nose at Sbarro’s crap.


13 posted on 03/31/2011 6:41:16 PM PDT by Emperor Palpatine (Tosca, mi fai dimenticare Iddio!!!)
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To: iowamark

Not a good sign. Say what you will. This country is having an incredibly hard time and small businesses are taking a huge hit.

Imho, we really need to start examining what’s best for the US and implementing some major policy changes. Period.


14 posted on 03/31/2011 6:41:44 PM PDT by khnyny (The mystery of government is not how Washington works but how to make it stop. P. J. O'Rourke)
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To: khnyny

A company in 40 countries, (and every mall in the USA), is NOT a small business.

DeMino’s in Brookline or Vincenzo’s in Forest Hills are small businesses...and have great pizza.


15 posted on 03/31/2011 6:44:31 PM PDT by Emperor Palpatine (Tosca, mi fai dimenticare Iddio!!!)
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To: iowamark

Wow! I have rarely seen so many people despise a pizza.


16 posted on 03/31/2011 6:44:52 PM PDT by mylife
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To: khnyny

I agree, after two years of Soviet rule, perhaps we should permit some limited expression of capitalism!;))


17 posted on 03/31/2011 6:46:33 PM PDT by Frank_2001
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To: garbanzo

I was never a mall rat when I was a kid.

I was too car-crazy and would rather cruise in my ‘74 Challenger


18 posted on 03/31/2011 6:47:07 PM PDT by Emperor Palpatine (Tosca, mi fai dimenticare Iddio!!!)
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To: iowamark
Every time I've been in NYC I see folks eating pizza at Sbarro. I said to myself... you folks are in one of the great pizza captials of the world and you're setting for Sbarro?

I guess these are mostly tourists/out-of-towners that eat there for the comfort/consistency factor.

Bizarre.

19 posted on 03/31/2011 6:47:33 PM PDT by Trajan88 (www.bullittclub.com)
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To: khnyny

Across the board 50% cuts, and nothing is untouchable. That includes the military.


20 posted on 03/31/2011 6:47:40 PM PDT by walterandrews
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To: Emperor Palpatine

For frickin sake, they’re not GE you moron.


21 posted on 03/31/2011 6:47:45 PM PDT by khnyny (The mystery of government is not how Washington works but how to make it stop. P. J. O'Rourke)
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To: mylife

Sbarro is good esp for mall food and this is a lot of experience as an Italian speaking. Lot of flavor, good cheese.

I used to eat Pizza Hut at the Wash. DC Amtrak station that was exactly like cardboard with grease added.


22 posted on 03/31/2011 6:50:50 PM PDT by Williams (It's the policies, stupid.)
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To: Emperor Palpatine

Free market at work.


23 posted on 03/31/2011 6:53:28 PM PDT by oldsicilian
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To: iowamark

I was in Hongkong and the Philippines 2 years ago and they were all over the place. Mostly located in upscale malls. I only had an Sbarro in Manila when my bro got married.


24 posted on 03/31/2011 6:55:17 PM PDT by max americana (FUBO FKBRK)
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To: Tolsti2

I saw that. Unreal.


25 posted on 03/31/2011 6:55:24 PM PDT by GlockThe Vote (Who needs Al Queda to worry about when we have Obama?)
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To: walterandrews

I actually agree with you. Our costs for military salaries and pensions are astronomical. I personally know people who have sucked as much as they possibly could from the military, got the salary, housing benefits, education benefits, etc, etc., and believe me, the etc is mind boggling. They are now on to the second career and not looking back - with their government paid doctorate.

Slurp, slurp, slurp - sucking the Republic dry.


26 posted on 03/31/2011 6:55:36 PM PDT by khnyny (The mystery of government is not how Washington works but how to make it stop. P. J. O'Rourke)
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To: Williams

I have never had it, but I was raised in a dominantly Italian area.

I doubt it would pass my test based on commentary here.


27 posted on 03/31/2011 6:56:24 PM PDT by mylife
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To: iowamark

Compared to real pizzaria pizze Sbarro isn’t good, but for food court fare it’s not so bad. Overpriced, but not that bad.


28 posted on 03/31/2011 6:58:11 PM PDT by Some Fat Guy in L.A. (Wanna learn humility? Become a Pittsburgh Pirates fan!)
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To: khnyny

Without them there would be NO REPUBLIC!

And they live very meager lives while sacrificing greatly.


29 posted on 03/31/2011 6:58:22 PM PDT by mylife
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To: iowamark

No wonder. They’re worse than Little Caesar’s.


30 posted on 03/31/2011 7:02:03 PM PDT by buccaneer81 (ECOMCON)
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To: iowamark

Canary in the coal mine for shopping malls.


31 posted on 03/31/2011 7:04:34 PM PDT by Rebelbase
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To: Rebelbase

I am afraid you could be correct, with the economy and online sales.


32 posted on 03/31/2011 7:06:34 PM PDT by mylife
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To: Rebelbase
Canary in the coal mine for shopping malls.

I haven't set foot in a mall in at least five years.

33 posted on 03/31/2011 7:06:43 PM PDT by buccaneer81 (ECOMCON)
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To: Emperor Palpatine

Indeed, I have often said they should rename the franchise ‘Barely Pizza.’


34 posted on 03/31/2011 7:07:41 PM PDT by Ted Grant
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To: khnyny

Yeah those greedy shiftless military folks. Not like they’ve been engaged in two land wars for more than a decade all the while enduring year long multiple deployments away from friends and family or anything. Meanwhile PTSD rates, instances of suicide and homelessness for vets are astronomical. But they’re “sucking the republic dry.” Right. -disgusted sarcasm off-


35 posted on 03/31/2011 7:08:22 PM PDT by KantianBurke (Hey Tea Party folks - what about Social Security reform?)
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To: khnyny

I hope you’re wearing Nomex.


36 posted on 03/31/2011 7:11:12 PM PDT by buccaneer81 (ECOMCON)
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To: Williams

Sbarro is often one of the better options at many airports. The cheese and sauce are not bad.


37 posted on 03/31/2011 7:13:44 PM PDT by Frantzie (HD TV - Total Brain-washing now in High Def. 3-D Coming soon)
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To: buccaneer81

I went to the mall recently to get a pair of shoes repaired. There’s a Vietnamese guy there with a booth who fixes them. Twenty bucks and I’ve gotten another five months out of the pair. He seems to be doing good business, which is probably not a good sign for the economy.


38 posted on 03/31/2011 7:14:08 PM PDT by Yardstick
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To: khnyny

Right. They lay their lives on the line so that assholes like you can be free to post shit like that.


39 posted on 03/31/2011 7:16:04 PM PDT by Palladin (Obama: "It's nodda war!")
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To: Palladin

Mega bump to post #39


40 posted on 03/31/2011 7:17:00 PM PDT by KantianBurke (Hey Tea Party folks - what about Social Security reform?)
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To: iowamark

Welcome to Obama’s America.

Now pay your taxes. They need raises. :D


41 posted on 03/31/2011 7:19:32 PM PDT by Tzimisce (Never forget that the American Revolution began when the British tried to disarm the colonists.)
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To: iowamark
I'll run against the tide a bit and say I like their “stuffed” pizza, which is essentially a pizza with both a top and bottom crust with the toppings in the center. I will agree that most of their food is massively overpriced, I had my two kids at the mall and they had a couple friends with them, when we decided to grab something to eat, I ordered a Large stuffed pizza with five drinks, it came to just shy of $50. For half that I could have gotten 2 larges and drinks at the local Pizza Hut...
42 posted on 03/31/2011 7:19:48 PM PDT by apillar
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To: Yardstick
A buddy of mine works at a Goodyear store. He says that they get a lot of business these days from people who had bought used tires from junkyards and then needed those ones replaced shortly afterwards.

Two things I would never buy used are tires and mattresses. I'm sure there are a hundred others, but those two are at the top of the list.

43 posted on 03/31/2011 7:24:38 PM PDT by buccaneer81 (ECOMCON)
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To: Palladin
The ones I was posting about have never seen anything close to combat “asshole” (turn about is fair, lol). There is a real distinction which you apparently have failed to recognize - unless of course you yourself are one of the ones who have benefited from the gravy train... in which case I can understand your faux outrage. :)_
44 posted on 03/31/2011 7:25:51 PM PDT by khnyny (The mystery of government is not how Washington works but how to make it stop. P. J. O'Rourke)
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To: garbanzo

Good memories. I remember spending my allowence on sbarro pizza. Boy it was worth it.


45 posted on 03/31/2011 7:31:02 PM PDT by MinorityRepublican
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To: KantianBurke

See post 44 -
I have known too many officer level military who treat it like a business - they calculate the cost/benefit to themselves. They historically are NOT in combat zones and are in it for, imho, their own gain. Retire after 20 years and get lucrative gov contracts. I have personally seen them get hundreds of thousands of dollars per month as a “consultant”. Get real.


46 posted on 03/31/2011 7:34:50 PM PDT by khnyny (The mystery of government is not how Washington works but how to make it stop. P. J. O'Rourke)
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To: apillar
I'll run against the tide a bit and say I like their “stuffed” pizza,

I do too. Maybe, before they are going under, I will actually treat myself to an entire piece. I feel too guilty eating a whole slice myself, so I always give a portion of it to my husband.

47 posted on 03/31/2011 7:36:34 PM PDT by stayathomemom (Beware of kittens modifying your posts.)
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To: khnyny

You made no such mention in your original post:

“Our costs for military salaries and pensions are
astronomical.”

The criticism stands against your comments stand- the vast majority of our military has been fighting some brutal battles over the past decade. They deserve every penny and benefit. If you know some slugs that are milking the system I suggest you find some new friends. But to offer, as you made clear in your original post without any quantifiers, that those who serve are akin to welfare deadbeats is obnoxious.


48 posted on 03/31/2011 7:41:59 PM PDT by KantianBurke (Hey Tea Party folks - what about Social Security reform?)
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To: mylife; buccaneer81
Shopping malls are under tremendous pressure and are dying out in many cities.

Part of it is the outrageous rents that they can charge in the most upscale malls, and part of it is the overbuilding of malls.

Biggest reason is the population movement across urban areas. Once a mall becomes known as crime ridden it can fall very fast, no matter how many police patrols they have.

49 posted on 03/31/2011 7:45:31 PM PDT by texas booster (Join FreeRepublic's Folding@Home team (Team # 36120) Cure Alzheimer's!)
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To: KantianBurke
as you made clear in your original post without any quantifiers, that those who serve are akin to welfare deadbeats is obnoxious.

I've seen bannings for less obnoxious comments about our military.

50 posted on 03/31/2011 8:02:24 PM PDT by Graybeard58 (Of course Obama loves his country. The thing is, Sarah loves mine.)
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