PizzaExpress to shut 73 restaurants in UK

Casual dining restaurant chain PizzaExpress has decided to close 73 of its 449 UK restaurants due to coronavirus lockdowns and higher costs.

This would also impact over 1100 jobs at the restaurant chain.

Also Read: PizzaExpress to close 15% of its UK biz

According to the reports, rental costs at PizzaExpress 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, MD, UK and Ireland said in a statement.

This is not for the first time, in the last five months we have seen many restaurants closing outlets and cut thousands of jobs, seeking to restructure their businesses in the face of the pandemic.

May Interest: PizzaExpress to close over 50 restaurants in UK

The pizza chain said it would seek approval for the CVA proposals from its creditors on Sept. 4.

PizzaExpress said earlier this month that 166 of its restaurants are now open and further reopenings are under way.

Earlier this month, Chinese buyout firm Hony Capital decided to cease control of PizzaExpress, which it bought for 900 million pounds ($1.19 billion) in 2014, to creditors in a debt-for-equity swap.