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The pizza chain Sbarro has filed for Chapter 11 bankruptcy protection for the second time since 2011.
According to CNN, on Monday Sbarro LLC. released a statement that said the bankruptcy filing was a pre-packaged plan, which means that it already agreed on a reorganization plan with creditors that hold 98 percent of the company's debt. The move should allow the chain to emerge as a healthier company.
Reuters noted that court papers indicate that the New York-based company has between $100 million and $500 million in assets and liabilities.
The filing comes on the heels of the company having to close 155 struggling restaurants. The closures were company-owned stores in North America, not franchises. Sbarro owns over 800 stores total.
The pizza eatery is commonly found in shopping mall food courts. Less foot traffic and rising prices seem to have been contributing factors in the decline.
Sbarro was founded in 1956 by a family of the same name.