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 ...
Yeah, but all the food at the mall is overpriced. Not just Sbarro’s.
Try getting a cookie from Mrs. Fields!
I am very particular about what I call good pie.
There isn’t a decent slice within 1000 mi of here LoL
I can excuse that, but to overcharge on top of it all?
A $50 dollar pie?
I’ve actually got a nice set of used Michelins on my BMW right now. They had 80% tread and cost about a third of what a new set would.
But there are certain lines that really shouldn’t be crossed:
http://www.freerepublic.com/focus/f-news/2697353/posts
We have NY style pizza, Chicago style pizza and even Swedish pizza.
Of course, you need to watch out for the Armenian “Italian” joints that populate most parts of Texas. Refugees from NJ and NY.
I don’t think there’s any Sbarro’s in my area... I’d never heard of them before about 2000 when there was a filthy muslim suicide bomb at the one in Tel Aviv. Lots of kids killed. Since then I’ve always associated the name with that horrid event. The vile pali cockroaches even turned the place into jihadi shrine for a while.
Svedish? Holy Moly! Salmon and pickled herrings?
Holy Moly.....
Yikes!
Weird — I actually love their pizza, and thought it was a good value for the large slice they would give me.
I imagine you miss Connecticut pizza. Some of the best.
What I miss about Connecticut is seafood
I remember paying about $3.50 for a slice that was about a quarter of a pizza; that’s about $15 for an entire pizza, although I think they did do 6 slices, and I would simply pick the one that was the biggest maybe.
They had some pretty good grinder sangwiches there
That aint bad.
Fold and eat!
I have nerver had it.
I agree. There used to be a place in Middletown, overlooking the Connecticut river, that had the best shark sandwiches.
It;s hard to find bad food in New England. I now live in food hell...Ohio.
The Old Saybrook fish house rocked.
And a guy could get whole belly fried clams or calamari rings in a paper cone at any roadside joint.
Yummy
I grew up in Ohio and had some darn good Italian/Greek/Slovak
Now I will say one thing that is better out here is BBQ. Not nearly as good as the South or Texas, but New England is a wasteland for ribs, brisket and pulled pork.
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