Pizza Chain Sbarro Shutters 230 Stores, Files for Bankruptcy
New York-based mall pizza chain Sbarro filed for bankruptcy protection on Monday for the second time in three years and announced it will shutter at least 230 stores.
With 799 restaurants in over 40 countries, Sbarro says it has fallen victim to due to an "unprecedented decline in mall traffic" and "unsustainable" debt.
The pizza chain's recent decision to close over 180 locations will be followed up by the shuttering of another 50 stores.
Last month, Sbarro closed 155 of its 400 company-owned North American locations.
Sbarro is just the latest company to announce store closings. Last week, America's largest office supplies retailer, Staples, said it plans to close 225 stores because "customers are using less office supplies."