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PizzaExpress closes 73 branches in the UK

The UK-based restaurant chain reported that it launched a corporate voluntary arrangement (CVA) to improve its finances by reducing leases and temporarily shifting from quarterly to monthly rentals. “No matter how difficult this process is, it will hold the positions of our more than 9,000 employees,” said Zoe Bowley, the company’s managing director in the UK and Ireland.

PizzaExpress, one of the largest restaurant chains in England, said in a statement on Tuesday that they will close 73 restaurants in the UK due to the negative impact of corona virus and high costs.

The UK-based restaurant chain says it has launched a corporate voluntary arrangement (CVA) to improve its finances by reducing leases and temporarily shifting from quarterly to monthly rentals.

“While this process is difficult, it will protect the jobs of more than 9,000 employees,” said Zoe Bowley, the company’s managing director in the UK and Ireland.

Earlier this month, Chinese Hony Capital announced that it had decided to stop controlling creditors through a debt swap for PizzaExpress, which it purchased for £ 900 million ($ 1.19 billion) in 2014.

Written by Maraaz

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