Many businesses are still dealing with the woes of the U.S. economy and Quiznos is no exception. The popular sub sandwich chain has officially filed for pre-packaged bankruptcy protection.

The corporation filed on Friday (March 14) after struggling with high debt and heightening competition.

Quiznos says that by restricting, the chain would be able to cut its debt by more than $400 million.

It has been reported that all except 7 of its nearly 2,100 restaurants are independently owned and operated by franchisees. In a statement, the chain said that these restaurants will not be affected by the bankruptcy.

Quiznos says it will seek court approval of a $15 million loan to continue operations as it restructures.

-Erika Benton-Martin (@leftcoast_rika)