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Wednesday, August 5, 2020

Pret a Manger ‘is preparing to close some of its UK sandwich shops putting 800 jobs at risk’

Hundreds of jobs are at risk as Pret a Manger prepares to close about one in ten of its sandwich shops in the UK.

The huge chain, which manages around 450 branches across the UK, says sales have been decimated by the blockade.

It is understood that the CEO, Pano Christou, will make the devastating announcement on Wednesday, but it is likely that up to 800 people will lose their jobs.

The major renovation will see the closure of 45 stores, reports Mail on Sunday.

During the blockade, there was a large cut of steps in the towns and city centers where many Pret a Manger stores are based. The company is now unable to meet many of its rental payments.



Pret has reopened 320 stores but faces an uncertain future

After appointing city councilors in May, the chain is believed to be considering a number of restructuring options. These include a corporate voluntary agreement (CVA) insolvency process, which would allow Pret to close unprofitable sites.

Pret, which was founded in 1986, raised € 100 million (£ 91 million) in emergency funding from its banks since the start of the pandemic and reduced executive wages.

Christou, however, warned that his “medium to long term prospects” remain very unknown. “

Which high road chains are reopening today?

A spokesman for Pret said: “We will update our team members in early July once the plan has been finalized.”

The blockade hit the sector enormously. For example, the Casual Dining Group, which owns Bella Italia, Las Iguanas and Café Rouge, has entered the administration, with dozens of restaurants across the UK at risk.

More than 1,900 jobs are slated to be eliminated, although 4,000 are currently safe.

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