December 26, 2011
Popular sandwich chain Quiznos might be forced into Chapter 11 bankruptcy if they are unable to restructure more than $875 million in debts. One proposed plan calls for Avenue Capital, one of the chain's major backers, to invest $150 million in additional capital into the brand. Quiznos has negotiated deals with 75 percent of creditors.
The chain will also seek concessions from former executives, landlords and other area developers. Quiznos currently operates nearly 3,500 stores in the United States and other countries. They have closed more than 1,500 in recent years.
Earlier this year, the chain opened its first restaurant in Brazil.
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