Sbarro to reorganize finances under federal bankruptcy laws
Monday, March 10, 2014 3:41 PM
Sbarro LLC and more than 30 affiliates filed for Chapter 11 protection from creditors with the U.S. Bankruptcy Court in Manhattan today. It's the second time in fewer than three years that the pizza company has sought protection from creditors in bankruptcy court, Reuters reported. The company has between $100 million and $500 million in both assets and liabilities, according to court papers. Last month, Sbarro said it would close 155 of about 400 restaurants it owns in North America to cut costs. Following those closures, it would still have more than 800 restaurants worldwide, including those owned by franchisees.