FRANKIE & BENNY’S SHUTS 125 SITES

MORE than 3500 workers face the axe after two high street firms announced big shake-ups yesterday.

The owner of restaurant chain Frankie & Benny’s plans to shut 125 sites across the country, putting up to 3000 jobs at risk.

The Restaurant Group also hopes landlords of another 85 sites will swallow rent cuts and changes to lease terms. The group’s chief executive is Andy Hornby, whose reputation was battered when he ran HBOS before its rescue by Lloyds during the financial crisis.

The 125 closures would leave Restaurant Group’s Leisure arm with 160 restaurants. The firm also owns the unaffected Wagamama chain.

Hornby said the proposed cuts were due to the “challenging market conditions facing the casual dining sector”.

Meanwhile, 545 workers at fashion chain Monsoon Accessorize have been made redundant after it closed 35 stores.

The firm’s founder, tycoon Peter Simon, said he hoped to save up to 2300 other jobs after buying the business out of administration.

About 450 jobs have been safeguarded after his business Adena Brands bought the Monsoon and Accessorize brands and intellectual property, and a distribution centre in Wellingborough, Northamptonshire.

Talks have begun with store landlords with hopes of keeping 100 branches.

Simon said: “Ultimately, we hope to be able to save as many as 2300 jobs in this process, and more than 4500 in our supply chain, although unfortunately not all of them.

“We believe that fashion has a future on the high street, and we are prepared to commit time and money making it work.”

Simon has pledged to pump up to £15million into the business, on top of £12million he invested last year. 3000 jobs at risk