Sbarro again files for Ch. 11 reorganizationMarch 10, 2014 @ 6:50 am (Updated: 7:00 am - 3/10/14 )
NEW YORK (AP) — Sbarro says it's filing for Chapter 11 reorganization, marking the struggling pizza chain's second trip through bankruptcy court in less than three years.
The filing comes shortly after it closed 155 of its U.S. locations. It still has more than 800 locations worldwide.
Sbarro had also filed for bankruptcy protection in April 2011 and emerged a few months later, saying that it significantly cut its debt and received a capital infusion. A new CEO then led a push to revitalize the chain's image by touting new recipes and ovens. But the efforts apparently didn't take hold.
Sbarro, based in Melville, N.Y., says its strategy of store closings and balance sheet restructuring will improve its profitability and reduce outstanding debt by more than 80 percent.
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
What Took So Long?
WSDOT explains why it took so long to clean up a collision on I-5 Monday morning
Coach Pete Carroll is disappointed Percy Harvin didn't work out
Please login below with your Facebook, Twitter, Google+ or Disqus account. Existing MyNorthwest account holders will need to create a new Disqus account or use one of the social logins provided below. Thank you.