Bloomberg reports Sbarro LLC, the 800-restaurant U.S. pizza chain, filed for bankruptcy protection for the second time in three years as customer traffic slowed in the shopping-mall food courts where many of its stores do business.

The company listed assets of $175.4 million and liabilities of $165.2 million in a Chapter 11 petition filed in U.S. Bankruptcy Court in Manhattan. Melville, New York-based Sbarro said in a statement that it will use court protection to quickly reorganize under a plan already supported by holders of most of its debt, while also shopping around for better offers.

The Bloomberg article notes the current proposed reorganization plan is already supported by lenders holding most of its debt. Under that plan, which will eliminate $140 million in debt, secured lenders would offer to trade in $35 million of their pre-bankruptcy debt for the company’s assets, citing court papers. A $20 million operating loan, along with the $35 million “credit-bid,” would be used to fund the company’s exit from bankruptcy.

To read the entire article from Bloomberg, click here.