According to Bloomberg.com, “Sbarro Inc., operator of more than 1,000 pizza restaurants worldwide, sought bankruptcy protection to eliminate about $200 million in debt after sales slowed and cheese costs rose.”

“The chain listed assets of $471 million and debt of $486.6 million in documents filed today in U.S. Bankruptcy Court in New York. Sbarro, based in Melville, New York, said it had as many as 10,000 creditors. ‘We believe this plan represents the best opportunity for Sbarro to clear a path for future growth by restructuring its debt in an effective and timely manner,’ Nicholas McGrane, interim president and chief executive officer of Sbarro, said in a statement. ‘We are a strong company with one of the most recognizable restaurant brands in the world.’”