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Avenue Capital Sues Quiznos Former Ownership for Fraud

New Quiznos headquarters in Denver
Quiznos headquarters moves from downtown Denver. Shutters company store prototype. photo/js

DENVER—Multi-billionaire hedge fund investors Avenue Capital and Fortress Investments filed a federal lawsuit against Quiznos former owners Richard ‘Ric’ Schaden, father Dick Schaden and key executives.

Quiznos Bankrupt!

Franchisor Quiznos files for bankruptcy
Quiznos goes bankrupt but store signs still light up. Photo/bmm

DENVER –Quiznos, the franchise chain famous for its toasted sandwiches, announced just past noon today that it has filed for voluntary Chapter 11 bankruptcy protection.

Quiznos Could File Bankruptcy by Monday Making Avenue Capital's Investment Toast

Quiznos Could File Bankruptcy by Monday
Photo by bmm

NEW YORK – Hedge-fund billionaire Marc Lasry is performing a high-wire act negotiating with lenders on another restructuring deal of Quiznos’ $600 million debt.

Is Quiznos Headed for Bankruptcy?

Photo from Quiznos website

DENVER – Sources close to Quiznos management operation tell Blue MauMau that the board of directors of owner Avenue Capital Group were at Denver headquarters yesterday trying to work out another restructuring deal for the troubled sub sandwich chain. They have been told that Quiznos is alleged to be down to a few million dollars of operating capital.

Anonymous Email Urges Owners to Sue Quiznos...Now

Another Closed Quiznos

DENVER – An anonymous franchisee sent out a desperate plea last weekend to store owners across the country, urging them to join others in a new blast of litigation against Quiznos. 

Franchisees Fire Legal Attack on Quiznos for Ongoing Fraudulent Scheme

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Escalator to “Schaden Ownership Group” Headquarters, Downtown Denver

DENVER – After years of legal battling between Quiznos and its franchisees, most surrendering under flags of settlement, the crippled sub sandwich chain is once again being bombarded with store owner lawsuits.

Quiznos Disclosure Shines Light on Settlements, Litigation

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photo/sparks

DENVER – Shedding new light on ongoing  litigation, settlements and the current status of the franchise system, Quiznos amended its franchise disclosure document on October 12, 2012.  While the company at one time boasted over 5,000 units, today it struggles to maintain 1,600 traditional restaurants.

Quiznos Flaunts New Management, but Store Owners Fight to Survive

Quiznos flagship store in downtown Denver; photo/js

DENVER – While Quiznos relishes its newly appointed management team, franchisees question if owner Avenue Capital Group really understands what direction their hedge fund is headed. Store closures are continuing at an alarming raate, and executive decisions so far have failed to stop the financial bleeding of store owners.

Quiznos Completes Financial Restructuring

DENVER —- Quiznos announced today that it has completed an out-of-court financial restructuring plan that will eliminate one third of its outstanding debt.