Quiznos bankruptcy hits home
A restaurant that is known for its toasted sandwiches and signature soups is filing Chapter 11 bankruptcy due to declining sales. Quiznos’ financial woes have prompted administrators to improve the restaurant’s UALR location.
The restaurant is also in about $570 million in debt, according to reports from USA Today and CNBC. It is currently filing for pre-packaged bankruptcy is to negotiate with creditors to reduce legal fees. The purpose of filing for Chapter 11 bankruptcy is to help Quiznos works on its leases, outstanding litigation and revise its contracts.
According to reports at cnbc.com, senior lenders have given Quiznos $15 million for the company to keep functioning properly during its restructuring period. Also, Quiznos has settled an out-of-court restructuring deal, which has cut their debt to more than a third
two years ago.
As for the Quiznos here at UALR, it is also shielded from bankruptcy. However, there are some changes that will be made to not only
improve Quizno’s at UALR, but also improve the entire food court. Logan Hampton, the Interim Vice Chancellor for the Dean of Students, is currently working with Curtis Williams, the general manager, who brought in corporate Quiznos team to retrain UALR employees in the food court.
“In addition, over time, he has challenged reassigned and disciplined persons who failed to
provide good customer service,” said Hampton. He also mentioned that Terry Woodard, the district manager for Sodexo said that UALR’s type of account should not be impacted by the Sodexo bankruptcy.
According to ownaquiznos.com, Quiznos was founded in 1981. Quzinos is a restaurant that
was originated from a local Italian restaurant in Denver, Colorado.
An unnamed Quiznos representative said that another way that Quiznos is also improving their franchise is to improve their menu as well. A new line of pastas for $4.99 include the Mac & Cheese, Spicy Sausage Marinara, Meatballs Marinara and Chicken
Pesto. This company has also launched Toasty.TV. It is a website that provides entertainment content based on music,
comedy, food and sports.
“Quiznos will continue to roll out a steady stream of content over the coming months, and, like the ‘House of Thrones’ parody, the
new additions will be sure to resonate with fans,” said the Quzinos representative.