The Quizno’s Corporation (Nasdaq: QUIZ) announced today that it successfully completed its tender offer to purchase all outstanding shares of its common stock, except for shares held by certain insiders, at a purchase price of $8 per share in cash. The tender expired as scheduled at midnight New York City time December 11, 2000. Based on preliminary information received from the depository Harris Trust Company, as well as preliminary indications of options and warrants tendered to the Company, more than 1.7 million shares, including options and warrants to purchase 928,284 shares, were validly tendered and accepted for payment, meeting the conditions set forth in the tender. Among those who tendered was Retail & Restaurant Growth Capital, L.P. of Dallas, which held Quizno’s original senior debt. RRGC tendered warrants to purchase approximately 415,000 shares. Insiders Richard E. Schaden, Richard F. Schaden and Frederick H. Schaden, who together hold approximately 51.6 percent of the Company’s stock, indicated when the tender was announced that they would not tender their shares at this time.

Payment for the shares tendered will be made promptly and, in the case of shares tendered by the guaranteed delivery procedures, promptly after timely delivery of shares and required documentation. The Company also announced it intends to close a loan for approximately $12 million today with Levine Leichtman Capital Partners in conjunction with the tender. Quizno’s had indicated it commenced the tender primarily to increase stockholder value by providing shareholders with an opportunity for cash liquidity at a premium above recently traded stock prices. The Quizno’s Corporation currently franchises and owns and operates Quizno’s Subs restaurants operating throughout the U.S. and in four foreign countries.