Posted on 03/31/2011 6:31:01 PM PDT by iowamark
Sbarro Inc., the fast-food pizza chain that dots shopping-mall food courts, is preparing to file for Chapter 11 bankruptcy protection as soon as next week, said people familiar with the matter...
"Sbarro continues to work constructively with our key stakeholders to restructure our debt and position the company for long-term success," the company said. "Throughout this restructuring process, the company expects to continue to operate in the normal course and without interruption."
The company has been battered during the recession amid lower consumer confidence. Several months ago it warned of substantial doubt about its ability to continue as a going concern...
Sbarro, based in Melville, N.Y., employs about 5,000 people and started cutting jobs and closing stores in the wake of the global financial crisis...
The eatery was founded in the late 1950s when the Sbarro family opened a grocery store in Brooklyn, N.Y., offering homemade mozzarella, imported cheese, sausage and salami. Sbarro opened its first mall location in 1967 in Brooklyn's King Plaza Shopping Center, which marked its transition to fast-food service. It grew to operate more than 1,000 stores in some 40 countries, becoming a staple in malls and airports from Egypt and Israel to Japan and New Zealand.
Battered by the recession, however, the company closed more than 150 restaurants in the past two years. It showed a loss of about $29.3 million during the first nine months of last year on sales of roughly $239 million. For 2009 it reported a loss of $ 37.2 million. It had about $12.67 million cash and cash equivalents at the end of September.
The losses prompted the company in December to raise salaries and hand out bonuses for top executives and managers to keep them from leaving. Meantime, Sbarro's lackluster earnings caused it to violate debt terms.
(Excerpt) Read more at online.wsj.com ...
For frickin sake, they’re not GE you moron.
Sbarro is good esp for mall food and this is a lot of experience as an Italian speaking. Lot of flavor, good cheese.
I used to eat Pizza Hut at the Wash. DC Amtrak station that was exactly like cardboard with grease added.
Free market at work.
I was in Hongkong and the Philippines 2 years ago and they were all over the place. Mostly located in upscale malls. I only had an Sbarro in Manila when my bro got married.
I saw that. Unreal.
I actually agree with you. Our costs for military salaries and pensions are astronomical. I personally know people who have sucked as much as they possibly could from the military, got the salary, housing benefits, education benefits, etc, etc., and believe me, the etc is mind boggling. They are now on to the second career and not looking back - with their government paid doctorate.
Slurp, slurp, slurp - sucking the Republic dry.
I have never had it, but I was raised in a dominantly Italian area.
I doubt it would pass my test based on commentary here.
Compared to real pizzaria pizze Sbarro isn’t good, but for food court fare it’s not so bad. Overpriced, but not that bad.
Without them there would be NO REPUBLIC!
And they live very meager lives while sacrificing greatly.
No wonder. They’re worse than Little Caesar’s.
Canary in the coal mine for shopping malls.
I am afraid you could be correct, with the economy and online sales.
I haven't set foot in a mall in at least five years.
Indeed, I have often said they should rename the franchise ‘Barely Pizza.’
Yeah those greedy shiftless military folks. Not like they’ve been engaged in two land wars for more than a decade all the while enduring year long multiple deployments away from friends and family or anything. Meanwhile PTSD rates, instances of suicide and homelessness for vets are astronomical. But they’re “sucking the republic dry.” Right. -disgusted sarcasm off-
I hope you’re wearing Nomex.
Sbarro is often one of the better options at many airports. The cheese and sauce are not bad.
I went to the mall recently to get a pair of shoes repaired. There’s a Vietnamese guy there with a booth who fixes them. Twenty bucks and I’ve gotten another five months out of the pair. He seems to be doing good business, which is probably not a good sign for the economy.
Right. They lay their lives on the line so that assholes like you can be free to post shit like that.
Mega bump to post #39
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