Quizno’s files for bankruptcy, but you can still get a toasted sub

Quizno’s, the sandwich chain known for its toasted sandwiches, filed for bankruptcy protection Friday. But toasters at locations around the country will remain hot and ready.

The Denver-based company’s board voted for a pre-packaged restructuring plan that would reduce its debt by more than $400 million. Quizno’s’ senior lenders have made a commitment of $15 million to support ongoing operations during the bankruptcy proceedings.

“The actions we are taking are intended to enable Quizno’s 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,� said Stuart K. Mathis, Quizno’s chief executive officer, in a statement.

Part of the plan involves a franchise owner rebate program, investing in advertising, new technology at the restaurants and new incentives for prospective franchisees.

Quizno’s has around 2,100 locations total, while Subway, with its $5 foot longs and its own toaster ovens, has 40,000. The chain recently introduced toasted pastas to the menu, attempting to set itself apart from the growing fast-casual sandwich market.

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