03/14/2014 12:28 pm ET Updated Mar 14, 2014

Quiznos Bankruptcy: Sandwich Chain Files For Protection

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Quiznos filed for bankruptcy protection on Friday, according to a tweet by Bloomberg News. News that the sandwich chain was preparing to file for bankruptcy protection first emerged in late February.

Quiznos had been struggling with hundreds of millions of dollars of debt, deteriorating sales and thousands of store closures.

By filing for Chapter 11 bankruptcy filing, the chain is trying to grapple with its $570 million debt. Most of the company's stores are "independently owned," according to Fox Business, which complicates how the filing will affect individual stores.

"The plan is intended to... revitalize the Quiznos brand and reinforce its promise as a fresh, high-quality and great-tasting alternative to traditional fast food offerings," the company said in a press release obtained by Fox Business.

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