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Quiznos files for bankruptcy protection

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Sandwich chain Quiznos Corp filed for pre-packaged bankruptcy protection on Friday after struggling with high debt and stiff competition for years.

The chain, known for pioneering the concept of toasted subs, said the restructuring would cut its debt by more than $400 million.

All except seven of its nearly 2,100 restaurants are independently owned and operated by franchisees and will not be affected by the bankruptcy, the company said in a statement.

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