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Report: Quiznos files for Chapter 11 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 filed for Chapter 11 bankruptcy protection Friday, CNBC reported.

Quizno’s 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 in two years for Quiznos, which has about 2,100 stores, down from about 5,000 in 2008.

Quiznos was founded in Denver in 1981.