Sbarro preparing to file for bankruptcy protection

Sbarro LLC is preparing to file for bankruptcy protection as soon as next week as it continues to struggle with flagging sales after an earlier Chapter 11 restructuring, people familiar with the matter told the Wall Street Journal.

The pizza chain emerged from its previous Chapter 11 bankruptcy more than two years ago.

The company is said to carry about $140 million in debt, and in mid-February, it announced it would close 155 of the 400 restaurants it owns in North America as a cost-cutting measure.

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