Mar
17

Sbarro to Close Four Stores in the Carolinas

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Still unable to generate enough dough, pizza chain Sbarro LLC is back in bankruptcy court protection looking to cut more costs. The Italian quick service and casual table dining restaurant chain operates 217 company-owned restaurants nationally and 582 franchised restaurants globally with annual revenues over $38 million.

As part of its latest restructuring efforts, Sbarro is looking to reject 183 store leases and has already moved out of the properties. Forty-six of the stores are leased to General Growth Properties; 27 to Simon Property Group, 20 to CBL & Associates, and 13 to Rouse Properties, with the remainder to various other landlords.

According to Fitch Ratings, the Sbarro bankruptcy does not portend a widespread increase in bankruptcies of U.S. restaurants, but rather is more an isolated example of a brand that had lost its competitive position and relevancy with consumers.

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