Yeah, I thought it was Quizno's that has the "buns toasted" ad campaign. Turns out, they weren't talking about anything epicurean; they were referring to competing sandwich shop franchiser Schlotzsky's
In its bankruptcy filing, Schlotzsky's noted that the company had liabilities of $71 million and assets of $111 million, of which $65 million are intangible. Given the deficit, the company elected to file for bankruptcy protection. This comes on the heels of the company's board announcing last month that it was restructuring the management team and removing CEO John Wolley and Senior Vice President Jeffrey Wolley from their executive positions.
Schlotzsky's looks to be another company that franchised heavily and lost control. The world is littered with such stories, from now-McDonald's
Schlotzsky's new management is seeking to reorganize, not liquidate the company. As we have noted in the past, it is almost a certainty that the BUNZ shares that trade for $0.57 at press time will soon be worthless. It's probably a good idea just to lick your wounds, sell, and use the money to go buy a Schlotzsky's sandwich. Call it your "investment." See what happens with the company on the other side of bankruptcy. But as thousands of investors in companies such as Kmart
Bill Mann owns shares of McDonald's, but none of the other companies mentioned.