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At one time Quiznos held their own with Subway, but is now struggling just to survive. It is estimated they currently owe creditors nearly $600 million.

The Denver-based chain, known formally as QIP Holder LLC, has struggled with store closures for the past few years and tension with franchisees has gotten worse. If you are in a major city you have probably seen one of the stores close. It recently missed a payment on a loan, and has been negotiating to restructure some of the debt load with creditors, who have hired bankers and lawyers to assist them.

Those talks have led to a forbearance agreement with the creditors designed to give Quiznos more time to hash out a deal, Quiznos Chief Executive Stuart Mathis said in a memo Wednesday to franchisees that was reviewed by The Wall Street Journal. A person close to what is going on said the agreement allows Quiznos to maintain its liquidity as negotiations with lenders progress.

"We have reached an agreement with our lenders and equity partners, and look forward to continuing to work constructively together to establish a framework that will position Quiznos and our franchisees for future growth and success," Quiznos said.

Quiznos was once among the few national sandwich chains that could credibly challenge the dominance of Subway, owned by Doctor's Associates Inc. Founded 32 years ago, Quiznos gained popularity with its toasted subs and had nearly 5,000 restaurants world-wide by its peak in 2008.



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