Franchisor Sbarro, Inc and its domestic subsidiaries announced late Monday afternoon that it has successfully emerged from Chapter 11 with a reduction in debt, an infusion of $35 million in capital and a plan of reorganization.
Private equity firm MidOcean Partners, which bought the franchising firm of one thousand outlets, half franchised and half company-owned in 2007, filed for bankruptcy in April of this year.
“As Sbarro emerges from Chapter 11 today we are a stronger, better capitalized, and more competitive company with a solid financial foundation for future growth,” said Nicholas McGrane, Interim President and Chief Executive Officer of Sbarro. Full post.