PizzaExpress To Close 73 UK Outlets
PizzaExpress has decided to close 73 of its 449 UK restaurants due to coronavirus lockdowns and higher costs.
1,100 jobs will be impacted by the closures.
The company said that rental costs have become unsustainable, and launched a company voluntary arrangement (CVA) to improve its finances by cutting rental agreements and temporarily moving from quarterly to monthly rents.
"Hard as this process is, it will protect the jobs of over 9,000 of our colleagues," Zoe Bowley, the company's UK and Ireland managing director, said in a statement.
PizzaExpress said that it will seek approval for the CVA proposals from its creditors on September 4.
Earlier this month, Chinese buyout firm Hony Capital decided to cease control of PizzaExpress to creditors in a debt-for-equity swap. Hony Capital bought PizzaExpress for £900 million in 2014.