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About Quiznos

Quiznos

QIP Holder LLC (d/b/a Quiznos) is a franchised fast-food restaurant brand based in Denver, Colorado, which specializes in offering toasted submarine sandwiches. The restaurant chain was founded in 1981 by Jimmy Lambatos and sold to Rick and Richard Schaden in 1991, and grew to nearly 5000 restaurants. As of the end of 2013, the chain had about 1500 domestic locations and about 600 international locations. Quiznos is the second-largest submarine sandwich shop chain in North America, after Subway.

History

Early history

The first Quiznos restaurant was opened in Denver, Colorado by founder Jimmy Lambatos. At the time, Lambatos was an experienced chef, having previously worked as an executive chef for the Colorado Mine Co. Steakhouse, and having founded the Italian restaurant Footers in 1978. He founded Quiznos with partner Todd Disner in the Spring of 1981. The first location was at the corner of 13th and Grant streets in the Capitol Hill neighborhood of the city. According to Kevin Jenkins, "It was there that recipes for Quiznos special baguette-style bread, special dressings and unique recipes were created.

Expansion

After two years, the restaurant started offering franchises to facilitate expansion offering its first franchises in 1983.The franchises were offered under the name Quiznos American Inc. By 1987 there were 12 Quiznos restaurant locations in the US. That year Rick Schaden and his father, aviation attorney Richard Schaden, opened his first Quiznos franchise in a Boulder, Colorado shopping center at the age of 23.

Recession and restructuring

Between 2007 and 2009, 1,000 Quiznos stores closed.After the closure of around 2000 restaurants during the Great Recession, a majority stake in the company was purchased by Avenue Capital Group of New York in January 2012. According to Ed Sealover, the purchase was done in "a deal that eliminated about one-third of the company’s $900 million debt and infused about $150 million cash into the company".Avenue Capital Group brought on turnaround specialist Harsha V. Agadi as Quiznos executive chairman.

Bankruptcy

On March 14, 2014, Quiznos filed for Chapter 11 Bankruptcy. Quiznos said it would continue operating while it restructured its debt and made operational improvements.

Locations

There are over 2,100 Quiznos shops located mostly in the United States and Canada. The chain also said it planned to expand to locations in over 40 countries and territories, including Europe, the Middle East, Southeast Asia and Central and South America, by 2012.[25] In July 2013, the company stated it planned to expand into Russia, where it is looking to open about 500 stores.QSR wrote in November 2013 that,

Advertising

The company's first major advertising push was a successful advertising campaign during the 2002 Super Bowl. Early TV spots advertised the innovation of toasting sandwiches, as compared to the inventor of pants (humorously contrasted with men wearing bushes).One ad in 2003 depicted a man (a then-unknown Jim Parsons) who had been "raised by wolves" by suckling at a mother wolf's teat. Other ads included several ads in early 2004 featuring bizarre, rodent-like, singing creatures called Spongmonkeys,

Lawsuits and controversies

One lawsuit cited a memorandum drafted by a Quiznos lawyer in 2003 that stated “40 percent of Quiznos units are not breaking even”, a fact that prospective franchisees say they were never told.The Small Business Administration said 23.4 percent of Quiznos franchises with SBA loans failed. In contrast, Subway had a 4.8 percent failure rate.

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