Sbarro filing for Ch. 11 bankruptcy protection

steveox

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Pizza and pasta chain Sbarro filing for Chapter 11 bankruptcy protection

MELVILLE, N.Y. (AP) -- Pizza and pasta chain Sbarro Inc. said Monday that it is filing for Chapter 11 bankruptcy protection as it works to restructure.

The restaurant chain has suffered, like many restaurants, since consumers clamped down on spending in the recession. It didn't help that many of Sbarro's restaurants are located in retail malls, which shoppers steered clear of during the depths of the economic downturn. Rising food costs, particularly for cheese and flour, have added to its woes of late.

Sbarro is also strapped by debt it took on when private-equity firm MidOcean Partners bought it in January 2007.

The bankruptcy filing was expected, as reports emerged last week that the Melville, N.Y., company was considering a prepackaged deal to help it reorganize.

Sbarro had total assets of approximately $471 million and about $486.6 million in debt, according to the bankruptcy filing.

Sbarro said it has reached a deal with lenders and noteholders on a reorganization plan that will get rid of about $200 million of its debt, which covers more than half of its total debt.

http://finance.yahoo.com/news/Sbarro-filing-for-Ch-11-apf-2965568061.html?x=0

BLAME OBAMA!!! He Bailed out BANKS,INSURANCE COMPANIES,MORTGAGE COMPANIES AND AUTO COMPANIES,,But He wont Bail out the campanies that employs middle class people. So Bush and Mc Cain arent the same after all,,, BUSH & OBAMA ARE THE SAME!!
 
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No big shock here. Sbarro was almost exclusively a mall food court-type operation. Sbarros are also big in the turnpike service plazas. Malls are dying and people aren't traveling as much because of gas prices.

So where are the bailouts for Sbarro and Borders and prior to that, Circuit City and dozens of other retailers? Oh, that's right. None of them were "union shops". Just a coincidence, I'm sure.
 
Sbarro is not a Multi Billion dollar corperation. Suppose McDonalds or Burger King files for bankruptcy? Oh yeah Obama admin would bail them out. I suggest yall watch the movie "INSIDE JOB" Youll learn something about Government and Business.
 
yes saving GM and Chrysler and all the parts companies, sales people, and labor who build them...is the same as food court pizza..


They went bankrupt anyway. And guess what ? All those suppliers are still around. One of the bigger lies put out by the left that somehow Obama's Chapter 11 was different. The only difference is billions and billions to the unions and money from China never to be seen again.

Now if you want to complain about the financial bailouts you have something.
 
Are you saying they are not?

yes , I hate to be the breaker of bad news, but not all jobs are =
I worked in a mall for 7 years, we had 3 pizza places...one would fail, the next would sell the same thing, fail, the next same thing...fail...A sabbaro fast food job is a fine job for a high school kid , or college student...but Sabbaro is not a driving force of the US econ...you don't have people the quality of jobs, or even close to the huge amounts of jobs created...

also there is that little issue of...they filed for bankruptcy...they did not go out of business....GM and Chrysler where on the way out of business...

But since unions where talked about...one reason why a Auto job pays so much better and is the lifeblood of some communities...its Union...where you can make a living wage.
 
They went bankrupt anyway. And guess what ? All those suppliers are still around. One of the bigger lies put out by the left that somehow Obama's Chapter 11 was different. The only difference is billions and billions to the unions and money from China never to be seen again.

Now if you want to complain about the financial bailouts you have something.

The money kept them going while they organized and And yes belive it or not goverment bail outs did provide a very different type of bancrupcy then had they just went under themselfs....most likey they would not have recovered..

but its nice you notice that those parts jobs are still there...you can thank Obama for that..

and the Millions to Unions? you mean the Unions who took huge cuts as part of the bail out and reorganizing?

also money to china? Unlike the Bush wars and other spending...these are actuly being paid back....and helped Americans.

You cry about debt, but only in your world does the US auto industry failing and watching them all go out of business....help the US econ and debt.
 
yes , I hate to be the breaker of bad news, but not all jobs are =
I worked in a mall for 7 years, we had 3 pizza places...one would fail, the next would sell the same thing, fail, the next same thing...fail...A sabbaro fast food job is a fine job for a high school kid , or college student...but Sabbaro is not a driving force of the US econ...you don't have people the quality of jobs, or even close to the huge amounts of jobs created...

also there is that little issue of...they filed for bankruptcy...they did not go out of business....GM and Chrysler where on the way out of business...

But since unions where talked about...one reason why a Auto job pays so much better and is the lifeblood of some communities...its Union...where you can make a living wage.

The stance progressives have taken on this issue is so polar opposite of the stance they so often take one has to question if they have considered it carefully. Here we see corporatism and support of banks being lifted to great heights while the poor are ignored.

Are you open to re-think your thoughts on this?

Thinking that you know all jobs are not created equal is the kind of thinking that bureaucrats engage in when they try to micro-manage the economy.
To the poor man who only has skills for a low paying job it is the best he can do. Will you deny government support to the best job one man can do while providing it to the jobs of people who earn much more? Why abandon the poor to help the "rich"?

The man who earns a lot when he spends his money drives the economy. But the man who earns little when he loses his job has no savings and must drain the economy by collecting welfare. The high earner is not hurt as much when he loses his job so it is not as great a loss. The low paying job must exist so that recent grads and immigrants can earn experience to get better jobs. The low...

I bet we could go back and forth adding reasons why the one job is more important than the other. Sometimes the balance of reasons would favor one side and at other times it would favor the other. We are foolish if we think we can ascribe more importance to one job or another. Does one think a garbageman's job is unimportant? Wait until the next garbage strike causes a cholera epidemic.

The pay is not the only determinant of the importance of a job. No one can know just how important a job is or is not, to the people who have the job or the people who benefit from it. Didn't we hear a lot from progressives during the last few years about the importance of being able to pursue a job as a starving artist and not being forced to consider wages?

No one should try to set policy based on things that cannot be understood. It results in a situation which is inherently unfair for someone and a perpetual struggle to change the balance of power.
 
...these are actuly being paid back....and helped Americans.

I checked to see if the loans were being paid back. A few years ago they were being paid back with more borrowed money.

So I checked to see if more recently they are being paid back. And it turns out that they loans are STILL being paid back with more borrowed money. In fact, mathematically GM does not have the ability to pay back any of the money so people who say they are paying it back are mislead or lying.

And it is still wrong to help only some Americans while ignoring others.
 
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yes , I hate to be the breaker of bad news, but not all jobs are =
I worked in a mall for 7 years, we had 3 pizza places...one would fail, the next would sell the same thing, fail, the next same thing...fail...A sabbaro fast food job is a fine job for a high school kid , or college student...but Sabbaro is not a driving force of the US econ...you don't have people the quality of jobs, or even close to the huge amounts of jobs created...

also there is that little issue of...they filed for bankruptcy...they did not go out of business....GM and Chrysler where on the way out of business...

But since unions where talked about...one reason why a Auto job pays so much better and is the lifeblood of some communities...its Union...where you can make a living wage.

GM and Chrysler were not going out of business, they needed to be restructured...which is what bankruptcy can be used for.

As for Sbarro no being the driving force of the economy, you are correct...but Chrysler was not either.
 
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