More than 1,000 Pizza Express jobs at risk
PizzaExpress has announced that 67 of its sites in the UK could be set to close as a result of the coronavirus pandemic.
The chain said yesterday that it was planning to launch a company voluntary arrangement(CVA)inthe“nearfuture” topushdownitsrentsamidthe challenges of the pandemic.
Lockdown restrictions imposed across the UK as a result of the virus saw restaurants close their doors in March, before being allowed to reopen again in early July.
The outcome of any CVA has “yet to be decided”, PizzaExpresssaid–butitmayendin the closure of about 15% of its 449 restaurants in the UK, affecting 1,100 staff.
A company statement added: “This decision is a very difficultone;however,againstthe current unprecedented backdrop,PizzaExpressbelievesreducing the size of its estate will help it to protect 9,000 jobs.”
PizzaExpress also said it had put itself on the market, withthesaleexpectedtorunindependently to its other plans, which include selling the business in mainline China and bringinginexpertstohelpdeal with its debts, which make up £735million.
UK and Ireland managing director Zoe Bowley said: “While the financial restructuring is a positive step forward, at the same time we have had to make some really tough decisions.
“Asaresult,itiswithaheavy heart that we expect to permanentlycloseaproportionofour restaurants,losingvaluedteam members in the process.
"This is incredibly sad for our PizzaExpress family and we will do everything we can to support our teams at this time.
“The initial signs from the restaurantsthathavebeenreopened have been very encouraging and we hope that our loyal customers continue to supportusnowmorethanever.”