Shocking news from a competitor perspective today. A couple big-name lunchtime joints have filed for bankruptcy protection.
First it was Sbarro and now Quiznos. According to the official press release, the company “voluntarily filed to reorganize” and the “nation’s premier quick-service restaurant chains and pioneer of the toasted sub” announced that its senior lenders “have voted overwhelmingly in favour of a ‘pre-packaged’ restructuring plan that will reduce the Company’s debt by more than $400 million.”
Quiznos says they’ll execute “operational enhancements designed to strengthen performance, revitalize the Quiznos brand and reinforce its promise as a fresh, high-quality and great-tasting alternative to traditional fast food offerings.”
Quiznos subs are good, expensive, but good. There are over 2,100 locations across the world and most of them are franchises and this will not impact their daily business. “Quiznos customers can expect to continue to enjoy their favourite high-quality menu offerings. The Company expects to continue operating in the ordinary course of business throughout the restructuring process. The Company will continue working with its franchisees in the U.S. and internationally to strengthen the brand, build momentum and improve growth and profitability.”
Heaven on earth (Tim Hortons) plans to open an additional 500 locations in Canada and 300 in the United States by the end of 2018. Timmies noted during their big 5-year plan last month that they’ll come out with new menu items and flavours that include balanced menu options in health, wellness and nutrition.