Just as many people have their pizza place of choice, they also have their sandwich place of choice. Are you a Subway, Jimmy John's or Blimpie sandwich lover? If you are by chance on "Team Quiznos," your sub place of choice might need your service more than ever.
CBS News reports a rumor that Quiznos, after years of financial struggles, might be filing for business bankruptcy. There are at least a couple of reasons why the business has struggled and is, therefore, possibly seeking relief through a bankruptcy process.
Sources suggest that simply the competition within the sandwich shop industry has pushed Quiznos to the reported brink of bankruptcy. Subway is undeniably extremely popular. Is it just the difference in sandwiches from franchise to franchise, however, that has led to Quiznos money struggles? Another theory is that the workings and financial setup of the Quiznos franchise has led to the business' own problems.
When a company ultimately gets to the point of needing to file for bankruptcy, the cause of that difficult legal decision is no longer important. What is important is that the business gets help from an experienced lawyer who can keep the company's best interests in mind.
A Chapter 11 process can even set a business up with a situation that could help it move forward and succeed in the future. If Quiznos does go through with the bankruptcy process, that could be just the beginning of its new chapter. The bankruptcy could put some of the debt struggles behind the business, but the franchise will still have other sub shops to compete with.
Source: CBS News, "Report: Quiznos preparing to file for bankruptcy," Bruce Kennedy, Feb. 28, 2014