Quick-service sandwich chain Quiznos, which has shuttered thousands of stores in the last 10 years, has been acquired by a San Diego-based private investment firm known for working with turnaround brands, the fast casual announced today.
Details of the transaction with High Bluff Capital Partners were not disclosed.
Susan Lintonsmith, who has led Quiznos since 2016, will remain president and CEO of the chain.
Quiznos is an “iconic brand” with room for growth, Gerry Lopez, High Bluff operating partner and executive chairman of Quiznos’ new operating company, said in a statement.
“We are excited about the acquisition,” Lopez said. “We have the commitment, industry knowledge and flexible capital to build on recent successes and drive future, sustainable growth.”
Quiznos, known for its toasted sandwiches, had some 5,000 units in 2007. The economic downturn coupled with legal battles with franchisees resulted in the chain filing for Chapter 11 protection in 2014. That same year, the 37-year-old brand shuttered more than 400 stores.
Quiznos now has just 405 U.S. units, almost all of which are franchised. Its 2017 systemwide sales of $172.4 million were down 21.7% from the previous year, according to Technomic’s latest Top 500 chain data.