NEW YORK (CNNMoney) -- Sbarro Inc., a pizza and pasta fast-food chain popular in malls and airports, said Monday that it has filed for Chapter 11 bankruptcy protection.
The company also said it is seeking court approval for an agreement with lenders for $35 million in financing to help it emerge from bankruptcy. The financing is part of a plan to eliminate $200 million worth of debt, paring its debt to about $175 million.
Sbarro said it expects to continue operating its outlets without interruption during the bankruptcy process.
"We believe this plan represents the best opportunity for Sbarro to clear a path for future growth by restructuring its debt in an effective and timely manner," said Sbarro Chief Executive Nicholas McGrane, in a press release.
E-commerce giant Amazon opens its own digital store on Tmall, an Amazon-like site owned by one of China's largest internet companies, Alibaba. More
E-commerce giant Amazon has opened its own digital store on Tmall, an Amazon-like site owned by one of China's largest internet companies, Alibaba. More
There's no end to the creative ways scammers will try to steal your identity and your money. And tax time is one of their favorite times of the year. Here's how to spot a top scam and protect yourself. More