Sbarro Pizza Files for Bankruptcy Protection for the second Time in three years.
Pizza chain Sbarro has filed for bankruptcy protection again according to Reuters. This is the second time the Pizza chain filed for bankruptcy protection in three years. The chain has a long history and was founded back in the 50s.
The company said in the filing that the reasons for the new bankruptcy are declining mall traffic and an unsustainable balance sheet, meaning the debt is too high.
Sbarro has supposedly about 800 restaurants in 40 countries. There will likely be many restaurants to be closed so Sbarro can come out again out of the bankruptcy protection.
The Sbarro bankruptcy story even caught the satirical eye of The Daily Show. Read the funny tweet below.
In collaboration with Balla Networks, I4U News brings you real-time updates of the current Trending News and social buzz outside of the technology realm. We aim at bringing you all hot stories that are worth knowing about at any moment of the day with a geek angle. Stay up to date with the latest viral news, celebrity gossip, viral videos, movies, business, sports, and more news that move the world today in news and social media.
Balla Network sites curate and highlight Trending News from the entire web and features original commentary on the hottest stories of the day. Stay up to date with the latest news, Tweets and Youtube videos about all trending news in real-time.