🠈 Quiznos 🠊
Quiznos is a restaurant chain that serves toasted sandwiches made from quality fresh ingredients on artisan breads.
The first Quiznos opened on 13th and Grant in Denver in 1981. A Mr. Rick Schaden opened a Quizno franchise in Boulder, four years later Mr. Shaden and his father brought the franchise and began a process of rapid expansion. By 2004, Quiznos had over 3000 restaurants in 15 countries. They reached a peak of 5000 stores, mostly franchises, in 2007.
The recession hit hard. Stores closed by the thousands. The company sought help with debt from private equity firms. Quiznos filed for bankruptcy in 2014. Things became even worse as lawsuits began to fly with franchisers, investors, and others claiming the owners made misleading statements. Contracts with suppliers and efforts to refinance saddled franchisees with unexpected costs. Quiznos had fewer than 1,000 stores in 2015.
These are select events is the corporate history.
- 1981: Jimmy Lambato and partner Todd Disner open first store in Denver.
- 1983: The company began franchising.
- 1987: Rick Schaden bought a franchise in Boulder. The chain had 12 restaurants.
- 1991: Schaden bought the company and renamed it Quiznos Franchise Corp when the chain had 18 restaurants.
- 1994: Quiznos raised $4.4 million in an IPO.
- 1995: Quiznos had 103 restaurants.
- 1997: Quiznos had 278 locations.
- 2000: With the aid of Levine Leichtman Capital Partners acquired firm to take it private.
- 2006: Levine exits the Quiznos investment, but Quiznos has debt on its books.
- 2007: Quiznos topped 5000 locations worldwide.
- Over 2000 stores closed in the recession.
- 2012: Avenue Capital acquired the distressed firm.
- 2014: Quiznos filed chapter 11 bankruptcy. It reduced its debts by $400M and re-emerged.
- 2018: Quiznos announced that it was acquired by California-based High Bluff Capital Partners. The chain had 405 stores.
In 2004, Quizno's tried a marketing campaign that used singing sock-puppet style creatures called a Spongemonkeys. The Spungemonkeys did not have a positive impact. They company should have called pets.com which used a similar campaign before it crashed.
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