Sbarro pizza chain files second bankruptcy in three years

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The Sbarro pizza restaurant chain filed for bankruptcy protection Monday, just three weeks after it closed down 40 percent of its locations, mostly in airports, malls and highway rest stops.

The bankruptcy is pre-packaged, which means it has already been received and approved by creditors, CNNreported. The company will reorganize and, in the process, trim about $140 million of its debt.

The bankruptcy filing is the company’s second in three years. In April 2011, company executives shuttered 155 stores in the United States, and filed for bankruptcy protection for the other 600 stores owned and operated by franchisees, in 40 different countries.

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