date:Mar 11, 2014
its restructuring, whichrequires court approval. The company will invite other buyers tosubmit better offers.
Founded in 1956, Sbarro had tried to boost sales byrevamping its recipes to entice diners who increasingly favorfast casual chains such as Chipotle and Panera Bread.
But an unprecedented decline in mall traffic and anunsustainable balance sheet necessitated a restructuring,including the closure of hundreds of restaurants, ChiefFinancial Officer Carolyn Spatafora said in a court filing.