(this entire post is just a lousy cheap excuse to post the above video…again)
CNNMoney’s Chris Isidore reports that purveyors of toxic, pseudo-Italian grub SBARRO are well and truly fucked. If you were here right now, I’d high five you so fucking hard you’d need a mechanical claw to place your next pizza order.
In a statement Monday the chain said the bankruptcy filing is a pre-packaged plan, which means that it has already agreed on a reorganization plan with creditors that hold 98% of the company’s debt. That should allow it to quickly shed an estimated $140 million in debt, and emerge from bankruptcy as a healthier company.In February, the company announced it was closing 155 company-owned restaurants in the United States, effective immediately. That left it with 220 U.S. locations and more than 600 other locations owned by franchise operators in 40 different countries.
Sbarro is best known for locations in airports, malls, train stations and highway rest stops — high traffic locations with limited direct competition from other pizza chains.