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Quiznos files for Chapter 11 bankruptcy protection

A sign hangs in front of a Quiznos Subs sandwich shop on February 28, 2014 in Richmond, California. Denver based sandwich restaurant chain Quiznos is reportedly preparing to file for bankruptcy as it struggles with stiff competition from other sandwich chains. Justin Sullivan/Getty Images

Denver-based Quiznos has filed for Chapter 11 bankruptcy protection to reduce its debt by more than $400 million.

The toasted sandwich chain said Friday that it voluntarily filed to reorganize to implement a pre-packaged restructuring plan.

Quiznos says the move won't affect its customers.

The company only owns and operates seven of the nearly 2,100 Quiznos restaurants. The rest are owned operated by franchisees and aren't part of the bankruptcy proceedings.

It also says its distribution centers are open and fulfilling orders.

Quiznos says the restructuring plan has been approved by its creditors so it expects to emerge from restructuring quickly.