PIZZA Express has said it is cutting around 1,300 jobs across its UK restaurants as the impact of coronavirus continues to hit business. The restauran
PIZZA Express has said it is cutting around 1,300 jobs across its UK restaurants as the impact of coronavirus continues to hit business.
The restaurant chain is not closing any more restaurants but instead slimming down its existing team.
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It’s not yet clear if the job losses are on top of the 1,100 that are already at risk after the chain announced in September that it would be closing 73 restaurants.
Earlier this year Pizza Express said its sales were hit by the temporary closure of all its restaurants due to lockdown, as well as the cost of reopening them.
Pizza Express said 89% of those it owes money to voted in favour of a Company Voluntary Arrangement (CVA), which will also see rents lowered at its existing restaurants.
A CVA doesn’t mean a company has gone bust – instead, it allows businesses that are struggling to look for cost-cutting ways to keep going.
The restructuring previously reported will also see the company’s debt pile reduced from £735million to £319million, with some of the money it owes being written off.
More to follow…
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