PizzaExpress to close over 50 restaurants in UK
PizzaExpress to close over 50 restaurants in UK

Casual dining chain PizzaExpress is planning  to close over 50 stores in UK.

According to reports, the pizza chain has cited financial restructuring to combat the effects of the pandemic crisis as one of the reason for the closures.

The economic impact of the Covid-19 virus is putting pressure on restaurants across the country and according to Sky News PizzaExpress is considering closing "around 75" of its 470 UK outlets through an insolvency process called a company voluntary arrangement (cva).

However, the final number of closures had not been decided yet and would depend on how talks with landlords go. The talks are expected to be held by next week.

The restructuring also includes the takeover of control by the company’s bondholders from Chinese investor Hony Capital. Hony Capital bought the group back in 2014 for £900m.

 
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