Quizno's will be able to greatly reduce the sandwich company's over $400 million in money-owed, and revamp itself when it institutes a re-structuring plan.
The initiative will help the franchise restaurant chain improve its operations so it can make its services better, renew its brand, and put further emphasis on its pristine upscale food products, different than those in other fast food products a press release on its website reported.
"The actions we are taking are intended to enable Quiznos to reduce our debt, execute a comprehensive plan to further enhance the customer experience, elevate the profile of the brand and help increase sales and profits for our franchise owners," Stuart Mathis Quiznos Chief Executive Officer said in a statement. "We look forward to continuing to work with and support our global network of franchise owners, who are the backbone of our business."
"Our business plan includes several key elements aimed at supporting our franchisees, including reducing food costs, implementing a franchise owner rebate program, in certain circumstances making loans available to franchisees for restaurant improvements, investing in advertising to improve location awareness, and providing new incentives for prospective franchisees. We are also introducing new technology at the restaurants and taking other actions to help our franchisees operate their businesses more efficiently," Mathias said in the statement.
Two thousand one hundred Quiznos restaurants are solely owned and run by individual franchisees throughout the United States, and also in 30 countries across the globe the press release reported. The franchises are open, and not included in the bankruptcy the press release reported.
The company's bankruptcy will be helped by $15 million in debtor-in-possession funds from executive bankers depending on a court ruling as the company revises itself in order to run smoothly.
Customers can expect normal service and conditions while the company carries out its re-construction process the press release reported.
