Sbarro LLC Files for Bankruptcy
The struggling pizza chain, Sbarro LLC, has filed for Chapter 11 reorganization for the second time in three years. Sbarro previously filed for bankruptcy protection in April 2011, emerging from bankruptcy in November 2011 saying that it had severely cut its debt.
On Monday, the company filed for Chapter 11 bankruptcy protection with the United States Bankruptcy Court in Manhattan, New York listing between $100 million and $500 million in both assets and liabilities, according to court papers.
The Sbarro LLC bankruptcy filing comes after the company closed 155 locations in the United States last month. Sbarro cited declining traffic in the mall food courts where it does much of its business for the closings. According to the company, there are still more than 800 locations worldwide.
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For more than 20 years, the Sasser Law Firm has been helping individuals and business owners sort through financial hardships to see the light at the end of the tunnel. Our North Carolina bankruptcy attorneys are all board-certified specialists, which means we have passed a complex exam, undergone a thorough peer review, and continue to earn legal education credits in this ever-evolving area of law.
