Sbarro Exits Bankruptcy!
The Sbarro pizza chain filed for Chapter 11 bankruptcy earlier this year in April due to the high cost of ingridents and diminishing sales prices. According to NRN, as of today they are no longer in bankruptcy. The chain has won court approval for their bankruptcy plan, and is now on the road to rebuilding.
“Our reorganization plan eliminates more than 70 percent of our debt, and provides access to $35 million in fresh capital from our new ownership group,” said Nicholas McGrane, Sbarro’s interim president to NRN. The company was bought by private equity firm MidOcean Partners in 2007.
Though this is very good news in the world of pizza, Sbarro did take some damage losing 25 company owned locations since April.
via: Huffington Post
