Denver-based Quiznos is headed for its second major financial restructuring in two years as the sub sandwich chain struggles with debt and an epidemic of store closures.

A debt restructuring or bankruptcy filing "has been expected and it's inevitable," Restaurant Finance Monitor editor Jonathan Maze said. "The business model just does not work. Sales are falling and franchisees are struggling mightily."

The chain reportedly has defaulted on its debt and has been negotiating for weeks with creditors.

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