Joele Frank, Wilkinson Brimmer Katcher is serving up PR for sandwich chain Quiznos' March 14 bankruptcy filing.
The Denver-based fast food franchise filed a pre-packaged Chapter 11 plan to cut more than $400M in debt and struggling with a turnaround plan over the past two years.
Nearly all of the company's 2,100 eateries are independently owned and remain open, the company is stressing in communications related to the filing. The Wall Street Journal reported in February that franchise owners were pushing back against the company as they said they were being forced out of business because of higher costs. CEO Stuart Mathis said in a March 17 update on the bankruptcy proceedings that he appreciated the response of its franchise owners.
"We look forward to working closely with our franchisees to implement a business plan designed to further enhance the customer experience, elevate the profile of the brand and help increase sales and profits," he said.
Michael Freitag, partner at Joele Frank, and director Aaron Palash are advising Quiznos on the PR front.
Quiznos won court approval March 17 to tap $10M in financing to keep paying employees and support its franchisee programs.