Sbarro files for second bankruptcy in three years
Sbarro filed for bankruptcy for the second time in three years as the pizza chain watches foot traffic slow in the malls many of its restaurants occupy.
The Melville, N.Y., company filed for Chapter 11 protection in U.S. Bankruptcy Court in Manhattan on Monday along with more than 30 affiliates.
Sbarro had sought bankruptcy in April 2011, emerging the next November.
This time, the Italian-style eateries has racked up between $100 million and $500 million in both assets and liabilities, according to the company.
And like fellow mall chain Hot Dog on a Stick, which filed for Chapter 11 bankruptcy in February, Sbarro indicated that customer visits to shopping centers have dwindled.
Last month, Sbarro said it would shutter 155 struggling company-owned restaurants in North America. But the closures would leave more than 800 units, including franchised locations, open worldwide, with 220 in the U.S., the company said
Sbarro was founded in 1956 by a family of the same name.
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