Sbarro LLC has filed a petition seeking Chapter 11 bankruptcy protection in order to reorganize and reduce its outstanding debt. The Melville, N.Y.-based operator and franchisor of the Sbarro pizza chain said in a statement that a near-unanimous majority of the company’s lenders, holding 98 percent of its debt, supported the bankruptcy filing. It is part of a prepackaged reorganization plan designed to allow for a quick exit from bankruptcy, Sbarro said, allowing the management team ...

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