PExpress might be forced to close down to two out of five restaurants – putting thousands of jobs at risk and hammering out the contested British casual dining sector.
The Telegraph estimates that lenders fear that around 40 percent of the 470 Pizza Express stores in the UK will make losses. According to one source, one option considered by bondholders is to enter into a voluntary business agreement (CVA) to close deals that are in the red.
Such a plan could jeopardize more than 150 restaurants and an estimated 3,300 jobs.
Pizza Express employs 14,000 people worldwide in 620 restaurants. Like many others in casual dining, it faced falling sales …