Sbarro Pizza Files for Bankruptcy Protection for the 2nd Time
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.
#TDSBreakingNews Sbarro files for bankruptcy. Americans forced to buy regular pizza and heat it under desk lamp 'til it sweats. #NotTheSame
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