Shopping this weekend? Please keep the less fortunate in mind. Join our toy drive!

Report: Denver-based Quiznos about to file for bankruptcy protection

First Quizno's store at 13th and Grant in Denver. Photo courtesy: Quizno's

(Credit: Quizno's)

DENVER — Denver-based Quiznos sub sandwich chain is headed for a bankruptcy filing.

That’s according to a report in the Denver Post.

Quiznos has reportedly defaulted on its debt and has been negotiating with creditors for weeks. The chain has $570 million debt.

This would be the second major financial restructuring for Quiznos in two years.

Franchise owners are struggling and continue to close their operations.

Quiznos had about 5,000 stores in 2008. It now operates around 2,100 according to the Post.

The report also says competition from Subway and other sandwich chains has hurt Quiznos. So have legal claims from franchise owners that say Quiznos forces them to pay above-market prices for food and supplies.

Quiznos was founded in Denver in 1981.