Quiznos, the US sandwich chain, is reportedly close to agreeing a deal to restructure its c.$870m (£555m) of debt. According to the Wall Street Journal, as part of the deal hedge fund Avenue Capital would convert its debt to equity and invest cash in the c.3,000-strong chain, giving it a 70% stake in the business. The proposed deal means that current owners, CCMP Capital Advisors and investment firm Consumer Capital Partners would be unlikely to get any recovery on their investments. Earlier this year, the group called in advisers after it said it would violate its debt terms. Against a backdrop of a disappointing trading performance over the last few years, the group closed around 1,500 stores. The UK arm of Quiznos was dissolved earlier this year. The company operated 29 sites in the UK in 2008 but this had fallen to 11 by the middle of last year.