UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report: (Date of Earliest Event Reported):
August 18, 1998
THE QUIZNO'S CORPORATION
(Exact name of registrant as specified in its charter)
Colorado 000-23174 84-1169286
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
1099 18th Street, Suite 2850, Denver, Colorado, 80202
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (303) 291-0999
Item 5. Other Events. Other event
Press release regarding Quizno's buying Wichita chain Sub & Stuff
Exhibit No. Description Reg. S-K Item No.
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*99.1 Press release 99
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
THE QUIZNO'S CORPORATION
Date: August 18, 1998 By:/s/ John L. Gallivan
John L. Gallivan, Chief Financial Officer
<PAGE>
EXHIBIT INDEX
Exhibit No. Description Reg. S-K Item No.
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*99.1 Press release 1
FOR RELEASE: TUESDAY, AUGUST 18, 1998 8 A.M. EDT
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QUIZNO'S BUYS WICHITA CHAIN SUB & STUFF
DENVER, Colo. - The Quizno's Corporation (Nasdaq: QUIZ) purchased the
assets of Stoico Restaurant Group, Inc., including the 12-unit restaurant
chain Sub & Stuff, Inc. in Wichita, Kansas, Monday as a result of an auction
last week in Kansas City.
The 21-year-old Wichita chain had been in Chapter 11 bankruptcy since
last spring. The auction was conducted in U.S. Bankruptcy Court for the
District of Kansas in Kansas City.
Quizno's Kansas LLC, which is 70 percent owned by The Quizno's
Corporation and 30 percent owned by QUIZNO'S Wichita Area Directors Terry Ens
and Kenn Miller, purchased the chain's assets after submitting the successful
bid of $500,000 cash. Breadeaux Pizza Company, based in St. Joseph, Missouri,
ended its bidding at $490,000. The Stoico assets also included Spaghetti
Jack's restaurants, which had been closed.
QUIZNO'S, which franchises and owns and operates QUIZNO'S Classic Subs
restaurants in 35 states, Puerto Rico and Canada, plans to convert
approximately eight Sub & Stuff locations to QUIZNO'S Corporate units over the
next year. Currently, the Company plans to close or sell four Sub & Stuff
locations.
There already are three QUIZNO'S restaurants open in Wichita.
"Our customers tell us we already serve the best sub in town, said Area
Director Miller. "Now, we are able to bring that product to more customers at
some very good locations that would have been tough to acquire without this
acquisition."
QUIZNO'S currently has locations in downtown Wichita and in the Northwest
and Southeast part of town. Among other sites, QUIZNO'S now will be open at
the Sub & Stuff location in the western suburbs and on North Rock Road.
"This acquisition is a good fit for us," said Rick Schaden, President and
CEO of QUIZNO'S. "It ramps us up to a critical mass very quickly in Wichita,
meaning we can begin running broadcast advertising and become a known brand
sooner. It also gives us efficiencies in distribution and management in a
market outside our home market of Denver."
This release contains forward-looking statements (as defined in the Private
Securities Litigation Reform Act of 1995) that are subject to risks and
uncertainties that could cause actual results to differ materially from those
set forth in the forward-looking statements. Such risks and uncertainties
include the effect of national and regional economic and market conditions,
the eating habits of the American and Canadian public, cost of labor and
employee benefits, cost of marketing, intensity of competition for locations
as well as customers, perception of food safety, legal claims and the
availability of financing for the Company and its franchisees. Such risks are
detailed from time to time in the Company's reports filed with the SEC,
including the report on Form 10-KSB for the year ended December 31, 1997.
FOR MORE INFORMATION CONTACT: Sue Hoover, Senior Vice President, Marketing
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The Quizno's Corporation
303-291-0999, ext. 3242
