Quiznos to open 600 new stores in 2010
Denver Sandwich chain Quiznos said Tuesday it plans to open as many as 600 new stores nationwide by the end of 2010. According to a report by the Denver Business Journal, Quiznos, which currently operates about 4,000 mostly franchise-owned restaurants, will open the new stores under both the franchised and company-owned model.
"We have a world-class business model and our belief in that model is so strong we want to increase our corporate profitability by investing in these corporate-owned stores," Rick Schaden, Quiznos CEO, said in a statement. "Establishing a stronger presence of Quiznos-owned stores also allows us to more closely align with our franchise owners, identifying and advancing best practices at the store level to elevate our brand’s operations overall."
In the statement, the privately held company said it recently restructured its debt "in order to fund expansion and facilitate greater flexibility for growth. By doing so, Quiznos is able to dedicate its own capital to the new store openings and invest in this positive growth momentum."
Quiznos said it is also renovating its design and "refreshing its brand identity." It said about 1,100 of its outlets have been renovated so far, and another 2,000 locations are slated for upgrades over the next 12 months.