Pizza Chain Sbarro Files for Bankruptcy

Sbarro(CNN) — Pizza chain Sbarro has filed for bankruptcy.

It comes less than three weeks after it was forced to close more than 40 percent of its U.S. locations.

The company says the bankruptcy filling was part of a reorganization plan with creditors that hold 98 percent of their debt.

They expect the bankruptcy to help shed an estimated $140 million of debt and help the company move forward.

This is the second bankruptcy filing in less than three years by the pizza chain.

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