News

Quiznos’ reorganization plan approved by bankruptcy court

May 13, 2014

Quiznos’ bankruptcy plans are off the table for now. The company announced that the U.S. Bankruptcy Court in Wilmington, Del., confirmed its prepackaged plan of reorganization. 

"We are pleased to have reached this important milestone and look forward to completing the financial restructuring process, which has created a stronger foundation for us to execute our comprehensive strategic plan," CEO Stuart K. Mathis said in a news release. "As we near the completion of the court-supervised process, we are looking forward to implementing initiatives to enhance the customer experience, elevate our brand and increase sales and profitability for our franchise owners. I want to thank our franchisees for their continued support throughout this process and our employees for their efforts. I also want to thank our vendors for their cooperation throughout this process.”

Under the prepackaged restructuring plan, the company aims to execute operational enhancements, revitalize the brand and reinforce its “fresh, high-quality and great-tasting” positioning, the release said.