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.
Andy Puzder, Trump's choice for Labor secretary, thinks it's great that his restaurants use racy ads to sell hamburgers. More
Trump says he sold all his stocks in June. But what about his hedge funds? He was (and may still be) invested in three run by John Paulson, a major campaign donor. More
In 1998, Ntsiki Biyela won a scholarship to study wine making. Now she's about to launch her own brand. More